Joining the group is the former Grange Bracknell Hotel, a four-star hotel located in Bracknell’s new town centre. It features 80 guest bedrooms and a further 40 aparthotel rooms with full kitchen facilities and a lounge and dining area, a selection of large conference suites and meeting rooms with a conference capacity of up to 600, a bar, restaurant and outdoor terraces.
The Orchard Hotel Gloucester also joins the portfolio, and provides en-suite facilities across 60 guest bedrooms, as well as private parking and easy access to the M5.
Finally, AGO is acquiring the former Travelodge Thurrock M25, located within the M25 Thurrock Services and near Lakeside Shopping Centre. The 47-bedroom hotel provides free parking and good transport links into central London, and is a popular layover on the route into London from Dover.
The addition of the three new hotels represents an increase in AGO’s number of rooms by more than 90% in just 10 months.
Viv Watts, co-founder of AGO Hotels, said: “Reaching 1,000 rooms in our portfolio is an early growth milestone for our business, with much bigger goals in mind. When we launched AGO in 2020, we were confident our hybrid lease model would be attractive to real estate investors as well as hoteliers and it is wonderful to see the vision bearing fruit.
“We have proven our ability to deliver rents in weak markets, not least throughout the 2021 Covid-19 lockdown, and look forward to paying profit rents to our landlords in the months ahead. We are actively engaging in development opportunities, including new builds, conversions, and leasing existing franchise assets, as investors realise the multiple benefits of our hybrid lease structure.”
Lionel Benjamin, co-founder of AGO Hotels, added: “The AGO team are delighted to add these three hotels to our portfolio, strategically located across key regional hubs. These additions to the portfolio demonstrate a continued and growing confidence within the hotel sector, and stronger returns in occupancy as we emerge from national lockdowns and the lifting of travel restrictions.
“AGO is in a significant phase of growth as we welcome guests into our new hotels and continue to look for new opportunities across the UK. The signing of these additional hotel is testament to a model which has paid rents through Covid and will deliver profit rent for Q3.”