The Ibis Styles Reading Oxford Road hotel has been sold off a guide price of £4.5m to a private purchaser who “intends to continue running it as a hotel”.
The purpose-built property houses 97-bedrooms, a cafe, and business centre.
According to Colliers, the property group who conducted the sale, the site attracted a “number of offers” above the asking price. The final price remains undisclosed.
Paul Barrasford, director in the hotels agency team at Colliers, said: “This substantial and well-located property received interest from a range of potential purchasers, both domestically and from overseas.
“The fact that the new owner intends to continue running it as a hotel underlines the resilience of the UK hotels market to the unprecedented challenges of the pandemic, and the demand for substantial, branded hotel stock.”
As part of the process of marketing the Ibis Styles Reading Oxford Road, the planning and residential development teams at Colliers undertook a pre-application for a 73-unit new-build scheme on behalf of the vendor with Reading Borough Council.
The work, by planning senior surveyor Andrew McNab and residential development senior surveyor Matthew Earnshaw, was aimed at “helping to demonstrate the residential development potential of the site”.