De Vere £15.5m hotel & conference centre sold to international operator

Horwood Estate, a Grade II-listed manor house and conference centre in Milton Keynes, has been sold, via Christie & Co, to ZIZ Hospitality, off a guide price of £15.5m.

Totalling 185 guest bedrooms and numerous conference and meeting rooms, Horwood Estate is set in approximately 40 acres of Buckinghamshire countryside, with the formal gardens providing a perfect setting for weddings and events. Additionally, the property features extensive leisure facilities, which complement the appeal of this unique hospitality business.

Purchaser Karim Kassam, founder of ZIZ Hospitality, has had great experience operating hotels in the UK and Middle East and Horwood Estate marks his first solo purchase. Looking to build upon what is already a highly profitable business, Kassam plans to capitalise on the extensive asset management opportunities at the property as well as considering a variety of brand options.

Kassam comments, “It’s been a long journey finding the right first investment for ZIZ in this market and Horwood Estate, already an established wedding and conference venue, offers just that. I’m looking forward to working with the experienced management team at the hotel to upgrade the facilities and build on this base to grow the business further.”

Jeremy Jones, Head of Brokerage – Hotels, and Alex Campbell, Director, at Christie & Co handled the sale and Jeremy comments, “This latest disposal on behalf of De Vere Hotels is further evidence of the demand for such assets in the UK.

'The combination of scale, cash flow and the huge development potential on offer appealed to a range of buyers with Karim Kassam ultimately the successful party. We are looking forward to seeing the improvements planned for Horwood Estate.'