New owners buy £3.4m hotel in need of a revamp - Local

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New owners buy £3.4m hotel in need of a revamp

Ramada Hotel, Hemel Hempstead

Published on 13/09/2012 13:01

A hotel seriously in need of a refurbishment has been bought from the joint administrators for £3.4million.

The freehold of the 137 room Ramada, in Hemel Hempstead Road, Redbourn, was marketed by commercial property specialists Christie + Co, in Enfield.

Christie + Co said the price “reflected the generally declining business with an urgent need for refurbishment to compete in its immediate competitor set.”

New owner ICON Hotels is controlled by ESO Capital Group, a European focused special situations investment group. ESO specialises in uniquely structured European small and medium enterprise corporate and real estate investments. It invests across with a focus on capital preservation.

Simon Stevens, director at Christie + Co, said: “The hotel benefits from an excellent mix of overnight and weekend guests, and daily commercial, leisure and corporate business. The sales process attracted a number of competitive bids and we are delighted to have sold the hotel to ICON Hotels. It will be an excellent and profitable addition to ICON Hotels’ growing portfolio.

“ICON recognised that the interior of the property would benefit from a complete updating and modernisation and therefore plan a thorough refurbishment of bedrooms and public areas to return the hotel to its rightful status as one of the top hotels in the area.”

Ramada Hemel Hempstead, well-known as a location for business networking is set in six acres of gardens and woodlands and has six conference and meeting rooms in addition to its 137 guest rooms. Conveniently located for the M1 and Luton Airport, the hotel offers a ‘park, stay and fly’ package for guests using the airport, and is also established as one of the main wedding and conference centres in the area.

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New owners buy £3.4m hotel in need of a revamp

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