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JLL Hotels & Hospitality Group have advised on the sale of Best Western Plus Reading Moat House for an undisclosed sum to Nine Group of Hotels.
The hotel is believed to be sold for a guide price of £12.5m, making it the 16th hotel in the group’s portfolio.
The Grade II listed hotel has 129 rooms and is situated near Reading’s city centre.
Vivek Chadha, director of Nine Group, said: “The Reading Moat House is a very strategic and long term purchase for our group. We plan to spend millions on the refurbishing and development on this hotel to make it a one stop leisure and business destination.”
Gavin Wright, director of JLL’s Hotels & Hospitality Group said: “This was a fantastic opportunity to secure a hotel which presents a variety of opportunities for an incoming investor due to its superb location and surrounding market.
“Given the strong corporate occupier base, the property has scope to be efficiently repositioned with or without a brand in order to further grow RevPAR.”
