The Bridge Hotel in the market town of Thrapston in Kettering, north west Northamptonshire, has been sold through Christie & Co.
The charming hotel, restaurant and wedding venue is a short walk from the River Nene and comprises 17 en-suite bedrooms and various conferencing and function suites.
The vendor, Mandy Chagger approached Christie & Co to handle the sale in order to focus on other business interests. The business has been purchased by Viren Patel, a seasoned business owner and property investor who started his career operating a local supermarket and most recently established his own business selling seasonal gifts to corporate clients.
Patel commented, 'This is my first foray into the hotel sector, but I have always dreamt of owning and operating my own hotel. I was initially attracted to the Bridge Hotel because of the potential for someone to add value.
'My intention is to create a new image for the hotel by comprehensively refurbishing the rooms and trading areas, whilst improving the existing business. It is evident that the property has lacked care and attention over the past few years, and therefore my aim is to make this hotel great again for the benefit of the local and wider community.
“I would like to extend my gratitude to both Ed Brown from Christie Finance for helping me to make key decisions and secure the funding and Josh Sullivan at Christie & Co for his assistance to enable me to realise this dream. I look forward to taking the Bridge Hotel to the next stage in its life cycle.'
Joshua Sullivan, Senior Business Agent at Christie & Co handled the sale and said, 'The hotel provided a value-add opportunity for an first time entrant, or experienced operator, to purchase a well-positioned hotel close to amenities and key transport links at an attractive price offering.
'The marketing process generated significant interest from local, regional and national contacts, with the hotel eventually being sold to a first-time entrant funded through Christie Finance.
'Following a turbulent end to 2019, the sale highlights an improvement in market sentiment and renewed confidence in the sector for investors and lending institutions alike. Equally, the transaction signifies the strong appetite from first time purchasers in the sector.'
Ed Brown, Finance Consultant at Christie Finance who arranged the finance for the buyer, said, “Supporting Viren with the purchase of Bridge Hotel has been a pleasure. A seasoned businessman with an eye for detail and a wealth of property investment experience will I’m sure bring fresh impetus to the Bridge Hotel.
'I know that Viren’s plans to gradually upgrade rooms and facilities whilst retaining the warmth and high level of service provided by the current team will be well received by guests and locals alike.”