Hotels

Bid deadline set for £4.5m Ibis Reading hotel

A bid deadline of 9 December has been set for the sale of the purpose-built hotel Ibis Styles Reading Oxford Road, after it attracted “keen interest from a substantial number” of would-be purchasers.

The 97 bedroom hotel, which has a supportive pre-application with Reading Borough Council for conversion to 73 residential apartments, was put up for sale for £4.5m in late October by Colliers International on a current or alternative use basis.

It is presently being operated under the globally recognised Ibis Styles brand as a limited service hotel.

Located on a 0.74-acre site in a prominent roadside position, it presently comprises 97 en-suite bedrooms, an open plan bar, lounge, restaurant and reception area, plus a meeting room with space for 30 people. There is access to underground and surface parking, totalling 76 spaces.

Paul Barrasford, director in the Hotels Agency team, who is handling the sale on behalf of the private owner, said: “Since launching our marketing in late October, we have received substantial interest from a broad range of profiles, both domestically and from overseas.

“These have included hoteliers and investors looking to continue the hotel business; reflecting the strong demand for substantial, branded hotel stock where the long term future still looks positive.In addition, we’re expecting bids from a number of residential developers, a sector of the economy which has shown great resilience during the pandemic.”

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