Skip Ribbon Commands
Skip to main content

News Release

London

JLL sells the Best Western Plus Reading Moat House to Nine Group

Sold for undisclosed sum off a guide price of £12.5million


JLL sell the Best Western Plus Reading Moat House to Nine Group

Sold for undisclosed sum off a guide price of £12.5million

LONDON, 22 May 2017 – 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 £12.5million. The hotel was purchased by Nine Group of Hotels, becoming the sixteenth hotel in its portfolio which was founded by Vivek Chadha in 2012.

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, commented: "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 said: "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."

JLL acted for affiliates of MCAP Global Finance (UK) LLP throughout the transaction, which acquired the Best Western Reading Plus in 2014 as part of a portfolio of 11 hotels which were previously owned and operated by QMH.

MCAP Global Finance (UK) LLP is a UK subsidiary of New York based investment adviser Marathon Asset Management, LP.