Compass Hospitality expands portfolio in Wales and Scotland
Thailand-based Compass Hospitality has partnered with Singapore-based Seacare Hospitality to acquire the Ivy Bush Royal hotel in Carmarthen and the Best Western Station hotel in Dumfries.
The companies previously partnered for acquisitions including the Big Sleep Hotels portfolio (now Citrus Hotels UK) and Best Western Queen's hotel in Dundee, the latter in November 2017.
The three-AA-starred, 70-bedroom Ivy Bush Royal hotel was owned by Paul and Ann Jaycock, who sold the hotel off a guide price of £2.7m. Existing staff will be retained at the hotel.
Paul Jaycock said: "After 28 years of active ownership of a number of hospitality businesses in Carmarthenshire and Ceredigion, Ann and I have decided to retire. We would also like to wish the new owners every success in this venture."
Corrina Jones, the business agent based in Christie & Co's Cardiff office who handled the sale of the hotel, said the new ownership "represents an exciting time for all staff and customers".
The 32-bedroom Best Western Station hotel had been owned by the McGhie family for the last 40 years, most recently by Aileen McGhie, and was sold off an asking price of £775,000.
Seacare Hospitality chief executive Lim Chye Teen said: "Scotland, in particular, has outperformed the rest of the UK in terms of average profit conversion, underpinned by robust rate growth. We believe both regions are poised for further growth in the near future and we are confident to partner with Compass Hospitality in our properties."
Compass Hospitality's chief executive Harmil Singh added: "While both hotels are already performing very well, a combination of the ongoing positive momentum and the synergies created through our comprehensive portfolio of 16 hotels throughout the UK will bolster the hotel performance even further."
Compass Hospitality operates and manages 16 hotels across the UK since the company's entry into the market in 2015.
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