Oakman Inns has acquired its 17th site after securing the Banyers Hotel in Royston, Hertfordshire, from Beechdale Homes.
The hotel will be renamed Banyers House and will open before Christmas, following a £1.5m refurbishment, jointly funded by Oakman and Beechdale.
Peter Borg-Neal, chief executive of Oakman Inns, told MCA he expected to announce further acquisitions next month.
He added: “We are delighted to have acquired this stunning building. Royston is a really great town and we are looking forward to becoming a part of and contributing to the town’s community. It has been a pleasure to do business with Martin Jackson and I am sure he will be delighted with what we achieve with Banyers House.”
Martin Jackson, managing director of Beechdale Homes, said: “I am delighted for the new owners with whom I am hoping to work in the future on other projects. Having met the team from Oakman Inns at a recent site visit and seen the success of their management style, I think the people of Royston will be pleased with the outcome. I have always believed that Royston deserved a great venue and Oakman have the knowledge and style to deliver what I had always hoped Banyers might become.”
The deal for the nine-bedroom hotel was brokered by Paul Barrasford of Colliers International, acting on behalf of Beechdale Homes.
Barrasford said: “We’ve sold a number of hotels in and around the surrounding area in recent months; these being in addition to the multiple sales across the UK we’ve successfully completed since the EU Referendum result. These deals support our view that demand for hotel facilities will always be there regardless of the political backdrop. Whilst some macroeconomic reporting has been pessimistic, the micro position is often very positive as hotels and their surrounding businesses and regions continue as normal. From a regional hotels transactional perspective there has been no market shock.”