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Family business Bright Hospitality Group (BHG) has added to its portfolio with the recent purchase of the Cheltenham Regency Hotel.
Property specialists Fleurets brokered the deal and the hotel’s freehold was sold for an undisclosed sum.
The hotel has 42 en suite rooms and five suites, along with a bar, restaurant and meeting rooms. This acquisition marks the sixth property in the group’s portfolio.
Chris Irving, divisional director from Fleurets, said: “Within six months of marketing we are delighted to have brokered a deal with Bright Hospitality Group.
“In order to facilitate a sale Fleurets recommended to the vendors that the adjacent ancillary site and house were excluded from the site as they would not be required by the majority of hoteliers. This enabled a lower price to be quoted which widened the market and resulted in a successful sale.”
Mr Zaman from BHG, added: “Cheltenham has been a target location for us for a while and we hope to expand our exposure in this area. We are looking forward to working with the team and bringing the hotel to the next level with, most probably, an international brand.”
