Bowling Green Asset Management (BGAM) has acquired the Holiday Inn Salisbury-Stonehenge for £12.5m.
The 103-bedroom property has been sold by Fiesta Enterprises, with the price reflecting a net initial yield of 9.25%.
The accommodation at the hotel has been recently refurbished, and the hotel also has a Solstice bar and grill. BGAM will be looking at opportunities for the site, while keeping all existing employees.
BGAM directors Jamie Levy and Nicholas Rubin said: "This hotel has been a target of ours for some time, so we are pleased to complete the purchase. The hotel has been run on a sound footing previously and we have no intention of upsetting the applecart. Many of the staff have been with the hotel for a number of years and we hope they remain with us for the foreseeable future. We will be looking to expand the hotel offerings, along with continuing the hunt for potential acquisitions."
The sale was handled by Julian Troup, head of hotels agency, and Paul Barrasford, director at Colliers International. Troup said: "Having approached a ‘target list' of overseas and domestic potential buyers, a good deal of interest was expressed in this outstanding opportunity."
BGAM has a portfolio of seven UK hotels, including the Holiday Inn Kenilworth in Warwickshire, which it acquired earlier this year for £10.4m.
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