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ZIZ Hospitality has acquired the Horwood Estate hotel, a Grade II listed manor house and conference centre in Milton Keynes, for £15.5m.
Totalling 185 guest bedrooms and numerous conference and meeting rooms, the property is set in approximately 40 acres of Buckinghamshire countryside, with the formal gardens suited for weddings and events.
Purchaser Karim Kassam, founder of ZIZ Hospitality, said he has had “great experience” operating hotels in the UK and Middle East, and Horwood Estate marks his first solo purchase.
Kassam said: “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, Christie and Co, added: “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.”
