Property adviser Christie & Co has completed the sale of a 140-bedroom hotel in the Hertfordshire village of Markyate.
The Holiday Inn-Luton South hotel has been acquired by growing hotel operator Vivek Chadha from Nine Hospitality. His plan is to invest “substantial sums” in the property, retaining the Holiday Inn branding.
Chadha said: “We are delighted to acquire this highly strategic hotel to add to our growing portfolio and look forward to investing and driving the business forward.”
The hotel is located close to the M1 and was extended in 2000 with an additional 49 bedrooms and leisure facilities. It was rebranded as a Holiday Inn in November 2005 and currently operates as a Holiday Inn under a franchise agreement with InterContinental Hotels Group.
Alex Campbell, director at Christie & Co, added: “After undertaking a competitive sales process with serious engagement from a large number of highly qualified bidders, we are delighted to announce this highly satisfactory outcome for our clients MCAP Global Finance Ltd.
“There was a high level of competition for the purchase of this hotel, and this caused the asset to be sold in excess of its asking price of £6.85m.
“We wish Vivek Chadha and his team further success with this profitable hotel.”
Christie & Co acted on behalf of MCAP Global Finance on the deal.