Previously owned by Noblelarge Limited and managed by Legacy Hotels, the property was put into the hands of administrators Grant Thornton on Monday, and sold the same day. No other Noblelarge hotels were placed into administration.
The 4-star, 83-bedroom hotel is located on Chapel Street, close to the Royal Shakespeare Theatre. With a frontage dating back to the late 15th century, the property features seven meeting rooms, two restaurants, two bars and parking for 120 cars.
St James’s will invest up to £6m in refurbishing the hotel, with the installation of air conditioning in all bedrooms over the course of next year.
It will now be managed by St James’s Hotels, but all current management and staff will be kept, and the firm expects to make new hires after the refurbishment.
Shaun Robinson, managing director of St James’s, said:“We are very pleased to have been able to acquire The Falcon which is a part of Stratford’s heritage.
“It has suffered from a lack of capital investment over the past few years but, with a combination of some significant refurbishment, rebranding and committed management, we are confident of returning it to its former glory while providing up to date accommodation for our guests.”
A wholly-owned subsidiary of the Somerston Group, St James’s acquired the Forestdale portfolio of 14 unbranded 3-star hotels last March.
It is currently investing in the refurbishment of a number of the hoteIs in the portfolio and selling a number of them ‘for alternative uses, particularly healthcare related’.
St James’s also recently acquired the 119-bed, Hilton Hotel in Portsmouth, and will be investing £4m to convert it into a 150-bed ‘limited service’ hotel due to operate under the Holiday Inn express brand upon completion.