The 76-bedroom Cameo Hotel in Ipswich, Suffolk, has been sold to the Cameron Ventures Group, off an asking price of £2.5m.
Owned and operated by Steve and Jane Denton since 2011, the hotel in Copdock has been sold prior to the couple's retirement. The property's 400-cover Suffolk Suite is believed to be one of the largest function facilities in the county.
Cameron Ventures Group now intends to undertake a refurbishment of 37 of the bedrooms, which will be completed in early 2017. The hotel will remain open throughout the work.
The company already owns two other Suffolk properties: the 42-bedroom Brome Grange hotel near Diss,and the 40-bedroom Priory hotel in Bury St Edmunds.
Brian Keane, director of Cameron Ventures Group and a fellow of the Institute of Hospitality, said the hotel had "lots of opportunity" to be taken "forward into different markets" and that the group hoped to reposition the hotel within the four-star market. He added that the company is looking to reach a target of 500 bedrooms, of which it currently has nearly 200, and will probably start looking to buy another hotel next year.
The deal was brokered by property company Christie & Co.
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