Hotel operating company Longrose Buccleuch Hotels, in conjunction with Connection Capital and Riverside Capital, has acquired the 140-bedroom Best Western Cresta Court hotel in Altrincham, near Manchester, for £2.95m and is to under-take a multimillion-pound refurbishment of the property.
Garin Davies, operations director of Longrose Buccleuch said the planned improvements are intended to increase the hotel's appeal to corporate guests and local people looking to celebrate weddings and other special events. Improvements of the property, which was built in the 1970s and previously owned by Harrop Hotels, will allow it to be rebranded as a Best Western Plus hotel.
"The hotel has exceptional business potential, with its easy access to Manchester city centre and Manchester Airport making it a great choice for commercial travellers, conference buyers and leisure visitors," he said. "Our plans are very much to work with the hotel team and return the Cresta Court to its status as a premier hotel in the region."
Connection Capital and Riverside Capital, two property investment companies which last year formed a joint venture to create a syndication of more than 900 high net worth individuals and family trusts, have invested £2.05m in the hotels, with Longrose Buccleuch providing the rest of the equity. Santander is providing a further £1.7m as a loan.
Claire Madden, founding partner at Connection Capital, said "This is an excellent investment for our clients particularly as the new management team has a strong business plan for growth. This will be supported by a major refurbishment and rebrand which will undoubtedly drive more long term value in the business."
Longrose Bucckeuch owns and manages a mix of branded and unbranded four-star hotels, including the Mercure Dolphin Hotel in Southampton, three hotels in Sheffield - the DoubleTree by Hilton Sheffield Park, Best Western Mosborough Hall and Whirlowbrook Hall, and the Shawfair Park hotel in Edinburgh.