An Indian investor has bought the Ramada Birmingham Solihull for around half its asking price as part of plans to grow a small hotel group.
SGS Hotels is understood to have acquired the 145-bedroom hotel for circa £6m.
SGS is a subsidiary of Indian company Subhash Gulati Group, which has interests in shopping malls, infrastructure development and aviation as well as hotels.
Administrators to Ailsa Solihull Ltd brought the hotel to the market earlier this year for £14m.
The hotel has four phases of development, including a 16th century constructed Grade II listed building fronting the High Street in Solihull, known as The George Hotel. It also has 15 meeting and conference rooms and is arranged on three sides of an historic bowling green.
Gavin Wright, director of Christie + Co, which acted on behalf of the administrators, said: “This well-located hotel is an excellent first acquisition in the UK for SGS Hotels. Following the property going into administration and a subsequent reduction in asking price to £7.5m, we generated a number of viewings and received a total of eight offers in a very competitive best and final offers process.”
annabel.dixon@estatesgazette.com
