- Category: Economy
10 Jan 2013
- Written by Mitch Sayers
Cotswolds hotel specialists Colliers International has set a new sales record for the last five years, after selling the Wyastone Hotel - despite fighting against a shrinking market.
The sale also marked the firm as the agent which sold the most property in Cheltenham with the hotel – which only went on the market in August – becoming the 15th hotel the agent has sold in the town since 2001.
Just a short distance from the Cotswolds, and located only a stroll away from the stylish Promenade, the 16-bedroomed hotel recently underwent a £300,000 refurbishment, which Colliers’ hotels director Peter Brunt believes made it a great prospect for the new owners.
“Major works were carried out in 2010 and 2011 to re-roof and enlarge the upper floor of the building which has now been laid out to provide a superb owners’ suite comprising bedroom, lounge, kitchen and bathroom together with two offices.
“The area has been cleverly arranged so that it could be divided in two, to provide flexible staff accommodation.”
Brunt, who has recently offered hotel buyers the chance to “awaken a sleeping giant” in purchasing a Worcestershire hotel, was delighted with the latest sale.
“Given the trying state of the market any sale is welcome, but the fact the Wyastone Hotel sold in less than four months proves there is great demand for quality accommodation in the right places.”
“This is a family run hotel in the popular Montpellier district very close to the best restaurants in town and is ideal for business or pleasure,” he added.