Heralding the first substantial hotel sale of 2022, specialist business property advisor, Christie & Co has just announced the sale of Best Western The Stuart Hotel in Derby.
This 100-bedroom city centre hotel with bar, restaurant and conferencing facilities has been purchased by growing hospitality group, AG Hotels - its 8th venue.
Launched to the market at a guide price of £4.95m, the sale underscores the demand for such freehold properties across the UK’s regional hotel market, from a whole host of active investors.
Christie & Co acted for the private vendors in the sale of the hotel, who owned and operated the business for approaching 20 years.
Girish Grover, CEO of AG Hotels, commented, “We are delighted with our acquisition of Best Western The Stuart Hotel and have exciting plans to invest in and refurbish the property in due course.”
Gavin Webb, Associate Director - Hospitality at Christie & Co, commented, “Christie & Co are pleased to be able to announce the sale of this substantial central Derby hotel. Initial interest in the hotel was strong with competitive bidding.
'This latest sale to AG Hotels is evidence of their continued ambition to keep growing and become a major player in the hospitality arena. We wish them well with the operation of this long-established hotel.”
