JLL Hotels & Hospitality Group has advised on the sale of the Best Western Plus Reading Moat House, securing an undisclosed sum off a guide price in excess of £12.5m.
The 129 bedroom property occupies 9.5 acres and is a Grade II listed 19th Century former mill house which was converted in the 1980s.
Set overlooking the River Loddon, the property has five meeting rooms, a 120 cover restaurant, a 60 seat bar and adjoining public house benefiting from easy access to Reading town centre.
Vivek Chadha, director of Nine Group, said: “The Reading Moat House is a very strategic and long term purchase for our Group.
“We plan to spend millions on the refurbishing and development on this hotel to make it a one stop leisure and business destination.
“This hotel fits perfectly in our groups strategic expansion strategy.”
Gavin Wright, director, JLL’s Hotels & Hospitality Group, added: “This was a fantastic opportunity to secure a hotel which presents a variety of opportunities for an incoming investor due to its superb location and surrounding market.
“Given the strong corporate occupier base, the property has scope to be efficiently repositioned with or without a brand in order to further grow RevPAR.”
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
The company, which now owns 13 hotels under various brands throughout the country, will continue to operate the Noke under the Mercure brand for the time being.
In addition to the hotel, it bought a 10-acre plot of land behind it and plans to spend £10m refurbishing the entire hotel and adding an additional 90 beds.
The Grade II-listed building features conference suites/function rooms, a leisure club and spa facility
Vivek Chadha, director and owner of Nine Group, who has grown the company over the past four years, said: “The Noke is a very strategic and long term purchase for our group as we own multiple hotels in the area. We plan to spend close to £10m on refurbishing and development on this hotel to make it a one-stop leisure and business destination. We will be increasing the number of rooms as well as improving the leisure club and conference facilities.”
A 26-year-old UK-based NRI hotelier has donated 100,000 pounds for the statue of Mahatma Gandhi planned for Parliament Square in London, becoming the youngest donor.
Vivek Chadha, director of Nine Hospitality Limited and a hotel owner, residential developer and commercial investor in UK real estate, is a self-confessed follower of Gandhi.
He graduated as a civil engineer in 2010 from University College London, also the alma mater of the Father of the Indian Nation.
“I am interested in particular how Gandhi emphasised the privilege of giving and practiced compassion in creative ways. The fact that Gandhi concentrated all his energy in the service of others is a great example of how all young people should follow this idea in our day-to-day lives,” Chadha said.
“It is very important that young people like Vivek step forward and donate towards this noble cause and he joins a very important growing group of British Asians who have responded generously,” said economist Lord Meghnad Desai, founder and chair of the Gandhi Statue Memorial Trust who pointed to the worldwide support for the project.
More than 50 per cent of the money raised so far has come from UK, and 80 per cent of our 180 donors are British. Many small donations have come to the charity as people have reached out. More than 90,000 pounds have been received through smaller, mostly UK-based donors who have given anything between 1 to 15,000 pounds.
The trust has achieved its goal for the project’s budget target of 750,000 pounds within approximately three months.
Other major donors include InfosysBSE co-founder Narayana Murthy and his family, and Bajaj auto chief Rahul Bajaj who both donated 200,000 pounds each.
The trust claims pledges continue to pour in from the UK and all over the world for the iconic sculpture designed by renowned sculptor Philip Jackson, who has portrayed Gandhi draped in a shawl based on pictures from his last visit to the UK in 1931.
he sculpture will go up at Parliament Square next to the likes of Britain’s war-time Prime Minister Winston Churchill and South African anti-apartheid leader Nelson Mandela in the coming months and is expected to be inaugurated by Indian Prime Minister Narendra Modi.
LONDON: A 26-year-old UK-based NRI hotelier has donated 100,000 pounds for the statue of Mahatma Gandhi planned for Parliament Square in London, becoming the youngest donor.
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