Jarvis buys hotel in Swansea
Jarvis Hotels has bought the 120-bedroom Lakeside Hotel in Swansea for £3.75m from the Hilton group.
The hotel will be re-named the Jarvis International and will undergo a £1.1m refurbishment programme.
Chairman John Jarvis said: "The acquisition is further evidence of our continuing policy of acquiring larger, more profitable hotels and follows quickly on the sale of the smaller Jarvis Springfield hotel at Gateshead, which was sold last week at a price well in excess of book value."
Jarvis was attracted to south Wales because of the area's burgeoning economy. And at just over £31,000 a room, it believes it has bought the Lakeside at a good price.
The hotel was one of 13 put up for sale by Hilton in May last year, following its takeover of Stakis.
The purchase takes the total number of Jarvis hotels back to 72.
Internet link
