Imperial Hotel is Hanover's first purchase

Peter Eyles, the former head of Norfolk Capital Hotels, has completed the purchase of the Imperial Hotel in Cork in a deal valuing the 98-bedroom property at £2.1m.

The deal, first reported by Caterer three months ago, is the first acquisition for Hanover International, which Mr Eyles is planning to float on the Stock Exchange in a week's time.

The Imperial is being bought from Bridgend Group, which also owns Stocks Hotel & Country Club in Hertfordshire. Under the terms of the deal, Bridgend will take a 47.6% stake in Hanover worth £500,000, and receive preference shares to the value of £1.4m and £200,000 in cash.

Mr Eyles told Caterer he planned to build Hanover into another Norfolk Capital, the aim being to gradually cherry-pick four-star-standard hotels similar to the Imperial throughout the UK and Europe.