Sir David Michels has kick-started the portfolio of properties he intends to create with the acquisition of the four-AA-star, 152-bedroom Cheltenham Park hotel.
Eighteen months ago, Sir David, former chief executive of Hilton, announced the launch of a £200m fund targeting hotel investments in the UK and mainland Europe.
Details of the price paid for the property have not been revealed. However, the Cheltenham Park hotel, which previously operated within the Hotel Collection owned by Lone Star Funds, was originally brought to market in November 2014 with a guide price of £8m.
The property very much fits the criteria that Sir David outlined at the launch of his fund as one that will benefit from a stringent management structure and investment to improve its value. Michels & Taylor, the hotel management and advisory company run by Sir David and Hugh Taylor, will operate the hotel.
Taylor said: "We are very excited to be managing the hotel and intend that it will become a great property."
Located 10 minutes from Cheltenham Racecourse, the Grade-II-listed-hotel incorporates a leisure club with swimming pool, restaurant and function rooms.
Michels & Taylor now manages around 12 hotels, as well as asset manages more than 40.
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