Bracknell Forest Council has sold Easthampstead Park Conference Centre to Active Hospitality after concluding it was "no longer financially viable" for the council to continue subsidising the venue.
Active Hospitality, which also operates Villiers hotel in Buckingham and Gorse Hill hotel in Woking, has acquired the Grade II-listed, 29-bedroom Victorian mansion in Berkshire for an undisclosed sum.
It intends to continue to operate the property as a wedding and events venue, investing around £10m in its refurbishment. This will include the creation of 76 new bedrooms, a new reception and lounge, a new health and fitness facility, and the refurbishment of all meeting and conferencing rooms and the ballroom.
Bruce Cave, a partner at Active Hospitality, said: "Easthampstead Park Conference Centre is an important step on our journey to create a bespoke, aesthetically pleasing hotel and conference based portfolio around the M25 with a combination of multi-use facilities, including bedrooms, ballrooms, meeting and conferencing space, serviced offices, health and fitness, and multi F&B offerings, within each hotel which are targeted at both the local community, regional and national corporate business and leisure users."