AIM-listed developer and investor Redefine International has bought the three-star Caversham Thameside hotel in Reading, Berkshire, for £12.7m.
The property has been bought from Pedersen and forms part of a portfolio of four hotels that were placed into the hands of administrators at Grant Thornton last year.
Redefine said that the purchase was in line with its objective of increasing its presence in the UK hotel market and would complement its existing portfolio of five hotels.
The group has also secured a deal with Six Continents to operate the hotel under its Crowne Plaza brand.
CBRE Hotels acted for Grant Thornton.
samantha.mcclary@estatesgazette.com
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