Greene King sells Tetbury hotel off £2m asking price
Greene King has sold its upmarket Cotswolds property, the Close hotel, off a guide price of £2m.
The Grade II-listed building, which was constructed in the 16th or early 17th century and became a hotel in 1974, lies in the heart of the Gloucestershire market town of Tetbury, one of the busiest towns in the Cotswold.
The Close is next door to the Prince of Wales's recently-opened Highgrove shop.
The AA three-star hotel offers 15 en-suite bedrooms (including two four-posters) to sleep 30 guests.
Facilities include a bar with a huge stone fireplace and floor-to-ceiling bookshelves and a two-part, 60-seat restaurant with fireplaces, high ceilings and large windows that is accessed by the Red Lounge, with coved ceiling and glazed skylight.
Its three meeting rooms - the Cloisters, the Garden Room and the Overbury Suite - can accommodate up to 35, 30 and 70 guests respectively theatre-style. The Overbury Suite is a deconsecrated chapel that has retained its pulpit and features a gallery running along two sides of the room.
The property also offers one double and two single staff rooms on the second floor and a rear walled garden with ornamental pond.
The Close achieved an operating profit of £159,298 on a net turnover of £719,356 in the year to 31 May, 2008.
Spokesman Simon Arnold said the new owners planned a major refurbishment.
The Cirencester office of Colliers Robert Barry marketed the hotel, which Greene King inherited when it bought Old English Inns. It attracted competition from four potential buyers.
By Angela Frewin
