The husband-and-wife team, who sold the Cotswold Hotel and the Noel Arms in Chipping Campden last month to Bespoke Hotels, bought the 60-bedroom hotel in Bath from Compass Hotels, who had run it for 23 years.
Refurbishment plans, which would happen over the next three years, will include a re-fit of all 60 bedrooms starting next year. The couple are also planning to transform the hotel’s restaurant, the ground floor of the hotel and improve its terrace area.
Ian said: “I believe there is a gap in the market for an affordable, mid-market boutique hotel offering in Bath, which The Abbey has the potential to fulfil. My vision for the hotel also includes working harder to position the hotel as a part of the Bath community.
“Modernising the restaurant and terraced bar area will be the first step in the process of trying to establish ourselves as a key hub for those who live and work in the city. I will also be actively looking to partner with like-minded businesses that share my passion and vision for strengthening Bath’s tourist offer and would urge you to make contact with me.”
The three-star hotel, which has been marketed under the Best Western brand for several years will continue to be part of its portfolio under its new owners.
Compass Hotels chief executive Julian Tee, who sold the hotel through Christie & Co, said selling the Abbey after 23 years of owning it was a ‘difficult decision’.
“This was a strategic decision,” he said. “Ian and Christa Taylor are acquiring a profitable business in a wonderful location, supported by an excellent brand and with a dedicated and professional staff whose energies will support the planned investment programme. We wish the Taylor's, staff and business every success for the future.”
The Taylors received funding to buy and redevelop the hotel through Barclays Corporate.
Matthew Smart, Barclays Corporate relationship director said the couple's commitment to investment into the property was 'testimony to the confidence they have in both the industry and in Bath's ability to continue to attract visitors.'