UK: Lodge and leisure membership operator Village Lodges has bought the previous Crowne Plaza web site at Caversham Bridge, Studying.
The property, acquired from Brightbay Actual Property Companions, an affiliate of Starwood Capital Group, will endure a multimillion-pound renovation according to the Village model.
It types a part of a wider funding programme launched in September which is able to see Village improve greater than 50 per cent of its portfolio, together with bed room and facility extensions, refurbishments to present bedrooms, and upgraded leisure and health choices.
Electrical automobile charging factors may also be put in throughout Village’s 33 UK places. With the addition of Caversham Bridge, it takes the portfolio to 34 websites.
Gary Davis, CEO of Village Lodges, mentioned: “We’re delighted to take possession of our new web site in Studying. Constructing on our profitable conversion in Bracknell, the acquisition is one other instance of great funding within the space and creates a possibility to carry our distinctive and differentiated proposition to friends and native audiences alike.”
International actual property advisor CBRE suggested on the sale of the Crowne Plaza Studying.
Village Lodges presents a number of facilities and amenities below one roof, together with bedrooms, a Pub & Grill, conferences and occasions area, a Starbucks espresso store, and well being and wellness areas.
