Two hotels in North Warwickshire and Worcestershire have been sold to Michels Ventures, through JLL's Hotels & Hospitality Group, for an undisclosed sum off a guide price of £23m.
The Lea Marston Hotel, North Warwickshire and The Abbey Hotel, Worcestershire (pictured) provide a total of 216 bedrooms (117 and 99 respectively) and are set in excess of 210 acres of land.
The hotels benefit from significant meeting space, leisure facilities as well as three golf courses, including the Championship standard Abbey Golf Course.
Michels Ventures' first acquisition was Cheltenham Park Hotel in 2015. The fund is headed by Sir David Michels and both hotels will be managed by Michels & Taylor, which is owned by Michels and Hugh Taylor.
Gavin Wright, Director of JLL's Hotels & Hospitality team, said, 'This was an exceptional opportunity to acquire a portfolio of award winning 4 star purpose-built hotels in central England. We are pleased to have secured new owners for both hotels following the owners plan to retire after 25 years of ownership.
'Prime locations combined with the hotels established leisure, conference, wedding and banqueting business proved hugely attractive to investors and as a result interest levels were very high. The interest is reflective of the current significant demand from both domestic and overseas buyers seeking good quality regional hotels.'