Award-winning hoteliers Ian and Christa Taylor have acquired their third property in Bath, the former Carfax hotel, off a guide price of more than £4.5m.
Located on the city's historic Great Pultendey Street, the grade I-listed property was previously owned and run by the Salvation Army. It will now be developed as a luxury boutique hotel, joining the 60-bedroom Abbey hotel and 20-bedroom Villa Magdala, also owned by the Taylors.
The Taylors' latest acquisition was bought by Italian-based property company Geco Spa, off a guide price of £3.25m in 2014, with plans to transform it into a high-end boutique property. The Vineyard Group, headed by 2008 Hotelier of the Year Andrew McKenzie, was set to head the development and management of the hotel.
However, earlier this year it was announced that Geco Spa was putting the hotel up for sale through property agent Savills. The Taylor have been backed in the deal by Barclays.
Ian Taylor said: "We are thrilled to be bringing this building into our portfolio, Since arriving at the Abbey hotel four years ago, there's no doubt that Bath would be the focal point of our business, working closely with the local community."
Since acquiring the Abbey hotel in 2012, the Taylors have grown the annual turnover of the business from £1.8m to £3.6m. In June 2015, they added the Villa Magdala, which is currently undergoing improvements.
Taylor described the location of the new acquisition as "one of the best addresses" in Bath. "We will retain the integrity of the building, in an up-to-date interpretation with a nod to the history of Bath. We can't wait to reveal more in coming months."
The hotel will feature 40 individually designed bedrooms and a cocktail bar serving food and drink all day. The new name for the property, which is expected to reopen in the summer, will be revealed at a later date.