Britannia Hotels has snapped up the 119-bedroom Cavendish hotel in Eastbourne. It secured the freehold interest on the four-star property for an undisclosed sum off a guide price of £5.5m. The agent on the deal was Christie + Co.
The Cavendish was previously owned by the Regency Group, which bought the property in 2002 and launched a multi-million pound investment programme to bring it up to four-star standard.
Simon Stevens, director at Christie & Co's head office, said: "The property attracted a great deal of interest, resulting in a competitive bidding process with a deal ultimately being completed by Britannia hotels."
The Cavendish is Britannia's fourth acquisition this summer, increasing room stock to more than 14,600 bedrooms and 51 hotels. In July it took over the 134-bedroom Trecarn hotel in Babbacombe Downs, Devon, and in June it bought the 122-bedroom Palace hotel in Buxton and 100-room Basingstoke County hotel.
The two Palace and Basingstoke County hotels, which were previously owned by the Hotel Collection properties, were on the market for £7m and £5.5m respectively, but it isn't known how much was paid.
Britannia hotels was founded in 1976 and is recognised as Europe's largest privately owned hotel company As well as hotels, it operates Pontins Holiday Parks. The group came bottom of a Which? Consumer magazine survey, published in October last year, which polled members on 29 chains across categories such as cleanliness, customer service and value for money.
The group has also been in the news in the past year because several of its hotels are being used to house asylum seekers.
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