Hotel and leisure club operator Village Hotels has acquired the former Crowne Plaza property at Caversham Bridge in Reading.
The property, purchased from Brightbay Real Estate Partners, an affiliate of Starwood Capital Group, will undergo a multimillion-pound renovation to align with the Village brand.
This acquisition is part of a broader investment program launched in September, which aims to upgrade over 50% of Village's portfolio. The plan includes extensions to bedrooms and facilities, refurbishments of existing rooms, and enhancements to leisure and fitness offerings.
Electric vehicle charging points will be installed across Village's 33 UK locations, and with the addition of the Caversham Bridge site, the portfolio will grow to 34 locations.
Gary Davis, CEO of Village Hotels, said: “We are delighted to take ownership of our new site in Reading. Building on our successful conversion in Bracknell, the acquisition is another example of significant investment in the area and creates an opportunity to bring our unique and differentiated proposition to guests and local audiences alike.”
Global real estate advisor CBRE provided guidance on the sale of the Crowne Plaza Reading.
Village Hotels offers a range of amenities and facilities all under one roof, including comfortable bedrooms, a Pub & Grill, meeting and event spaces, a Starbucks coffee shop, and health and wellness areas.
