The two hotels, comprising 142 and 90 bedrooms respectively, were sold to MCAP Global Finance, a UK subsidiary of the New York investment advisor Marathon Asset Management, who beat 80 other interested investors to the highest bid.
Although they were sold under the Ramada brand, MCAP Global Finance has the opportunity to break the existing franchise agreement and re-brand them, which it is thought it will do. The hotels, previously owned by Shiva Hotels, will continue to be managed by Valor Hospitality Limited.
Will Duffey, executive vice president in JLL’s Hotels & Hospitality Group, said: “The combination of the exceptionally strong regional UK hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors. With over 80 parties signing the NDA to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5m guide.”
Shiva Hotels, which recently acquired a number of sites in central London, had decided to sell off the hotels as they were no longer deemed core to their offering.