A hotel seriously in need of a refurbishment has been bought from the joint administrators for £3.4million.
The freehold of the 137-room Ramada, in Hemel Hempstead Road, Redbourn, was marketed by commercial property specialists Christie + Co, in Enfield.
Christie + Co said the price “reflected the generally declining business with an urgent need for refurbishment to compete in its immediate competitor set.”
New owner ICON Hotels is controlled by ESO Capital Group, a special situations investment group that specialises in small and medium enterprise corporate and real estate investments.
Christie + Co’s Simon Stevens said: “ICON recognised that the interior of the property would benefit from a complete updating and modernisation and therefore plan a thorough refurbishment of bedrooms and public areas to return the hotel to its rightful status as one of the top hotels in the area.”