Another Bath hotel has changed hands as cash-rich investors flock to the city to buy into its continued growth as an upmarket tourist destination.
The sale of the Aquae Sulis hotel on Newbridge Road is the latest in a series of deals that has brought new buyers into the market.
And according to hospitality specialists at property agents Colliers International, which acted for the Aquae Sulis’s owners, there are plenty more buyers eager to snap up hotels, inns and bed-and-breakfast accommodation in the city.
Aquae Sulis, pictured, which had been on the market for offers over £1.45m freehold, has been acquired by newly formed company Bath Hospitality Ltd, which is registered at the hotel.
Its Indian directors Samir Thukral and Sanjoy Roy plan to refurbish the distinctive 14-bedroom Edwardian property, introducing new web-based systems and upgrading the rooms.
Colliers hotels director Simon Wells said: “The new owners are also planning to introduce a conservatory, lounge/restaurant to increase the food and beverage scope of the business, for an uplifted hotel experience whilst retaining the touch and feel of a traditional English bed and breakfast.”
Mr Wells, who has recently handled the disposals of Bath hotels and B&Bs the Ayrlington, Kennard and Griffin, added: “Signing off on another key deal in Bath follows the best part of 18 months of sales successes, but it has left a number of disappointed bidders even more determined to find their foothold in this tourist hotspot.
“It’s all happening in the city at the moment and prospective buyers need to be primed and ready to go after properties the moment they come up.”
He said with occupancy levels averaging 81% in 2015, it was no surprise that demand for hotel and bed & breakfast property in Bath was reaching unprecedented levels.
Bath, with its unique visitor offering based on its Roman Baths, Georgian buildings and independent cafes, shops and restaurants, would continue to out-perform bigger destinations in the region, said Mr Wells.
“High land prices in London are causing investors to look outside of the capital for opportunities to spend their cash,” he said.
“And the electrification of the mainline from London will bring Bath even closer to the capital and boost its appeal as the long weekend destination of choice.”
Initiatives such as the Christmas Market, Bath in Fashion and the Great Bath Feast as well as its festivals and the attraction of Bath Rugby meant the city was now an all-year-round destination.
The Aquae Sulis deal comes hot on the heels of planning permission for the 117-bedroom Hotel Indigo, which is being reshaped from Pratt’s Hotel and The Halcyon and the former Circo nightclub in Grade I listed Georgian buildings on South Parade.
Budget hotel group Travelodge has also gained planning approval for its third hotel in Bath – the conversion a former office building in Westgate Buildings.
Meanwhile construction work continues on the 148-bedroom Z Hotel, part of the £14m casino development in Sawclose, while Scottish hotel group Apex is to open the city’s largest hotel, the £35m, 177-bedroom Apex City of Bath on James Street West next summer. It will include a swimming pool, gym, and conference and meeting facilities.
The former Grade I listed Carfax Hotel, which was acquired by the owners of the city’s Abbey Hotel and Villa Magdala in March, is being transformed into a luxury boutique hotel.
YTL Hotels, opened the 99-room luxury Gainsborough in Beau Street a year ago – the first in the city to be part of the Leading Hotels of the World collection.
