An Indian company which intends to build a small hotel group has bought the 145-bedroom Ramada Birmingham Solihull out of administration, off a sale price of £7.5m.
The new owner is SGS Hotels (UK), a subsidiary of Indian company Subhash Gulati Group, which has interests in shopping malls, infrastructure development and aviation, as well as being currently in process of developing up to 5,000 hotels bedrooms across the sub-continent.
Previously owned by Ailsa Solihull, part of the hotel is located within a 16th century Grade II-listed building on the High Street in Solihull. It has 15 meeting and conference rooms and is arranged on three sides of an historic bowling green.
Gavin Wright, director of Christie + Co, which marketed the property, said: "This well-located hotel is an excellent first acquisition in the UK for SGS Hotels (UK) Ltd. Following the property going into administration and a subsequent reduction in asking price to £7.5m, we generated a number of viewings and received a total of eight offers in a very competitive best and final offers process."
By Janet Harmer
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