SGS Hotels Group has bought a second property with the acquisition of the 78-bedroom Best Western Calcot hotel in Reading.
The company, which is a subsidiary of Indian business Subhash Gulati Group, has secured a £10.5m loan from OakNorth Bank to buy the property and re-finance the Ramada Birmingham Solihull hotel which it purchased in 2012. The extact purchase price of the Reading hotel was not disclosed.
Originally built in the 19th century, the Best Western Calcot has been under ownership of the Dunn family since 1974 and is believed to be Reading's longest-established privately run hotel. It employs around 20 full-time and 120 part-time staff.
SGS plans to increase the size of a number of rooms and refurbish public areas, including the entrance, reception, banquet hall, bar and restaurant. It will also establish a new high-end grill Indian restaurant.
Mayank Gulati, director at SGS Hotels, said: "With the owner of the Best Western Calcot Hotel retiring, we saw it as an ideal opportunity to expand our offering in a prime location. However, we needed to move quickly so appreciated the efficiency, responsiveness and market understanding demonstrated by [OakNorth] the team."
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