Indian investor SGS buys second UK hotel
The firm - a subsidiary of the Subhash Gulati Group - has bought the Best Western Calcot Hotel using a £10.5m loan from OakNorth Bank.
It comes four years after SGS acquired the Ramada Birmingham Solihull out of administration with plans to create a small UK hotel group.
Mayank Gulati, director at SGS Hotels, said: “We are constantly on the lookout for exciting new acquisition opportunities, either with branded or non-branded hotels. 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.”
The 12-room hotel was built in the early 19th century as a teahouse and employs over 140 full and part-time staff.
SGS plans to increase the size of the rooms, refurbish much of the site and establish a new high-end grill Indian restaurant within the hotel.
Rishi Khosla, co-founder and chief executive of OakNorth Bank, said: “We’re delighted to have worked with SGS Hotels on this deal. The market is in a strong position, with regional hotels having seen significant growth in the last year, and occupancy levels at an all-time high – 76 per cent.”
