LONDON-based property investment firm Castleforge has announced the acquisition of the Abbey Hotel in Bath.
The historic boutique hotel occupies three Georgian houses in the centre of Bath and now operates as a Tribute Portfolio Hotel, one of Marriott International’s collection brands.
The 65-room hotel boasts newly renovated guest bedrooms, a terrace patio for al fresco dining and two dining and bar venues, the Abbey Hotel Kitchen and ArtBar. Over the festive period, the hotel hosts a seasonal Après-Ski bar erected in the grounds each year as part of the city’s Christmas Market offering.
Castleforge has also secured an option agreement to acquire to two adjoining buildings, with future plans to add 15 large bedrooms to the hotel later in the year.
Located just a short walk from the city’s iconic Roman Baths, this is the fourth hotel investment Castleforge has made since launching its strategy to develop its hospitality portfolio.
In May 2021, Castleforge announced the acquisition of the Bruntsfield Hotel in Edinburgh, shortly followed by the purchase of the Hilton Hotel in Cardiff in June and the Crowne Plaza in Edinburgh in September 2021.
Castleforge has identified Bath as a strong investment opportunity due to its global reputation as a UNESCO World Heritage Site and its popularity with both international and domestic tourists. In 2019, the Roman Baths attracted a record-breaking 1.3 million visitors and is one of the top 25 most-visited attractions in the UK.
Since its inception in 2010, Castleforge has invested approximately £1 billion in real estate value, gaining a reputation for value-add investment in office and residential real estate across the UK and Europe.
In 2020, the firm signaled its intentions to expand into the hospitality sector with the appointment of Matt Lederer from Marriott International as its Hotel Acquisitions director.
Gavin Wright, senior director (hotels and hospitality) at JLL advised KE Hotels on the sale. Axiom Hospitality will manage the hotel on behalf of Castleforge, post completion.
Matt Lederer, Hotel Acquisitions Director at Castleforge, commented: “After the success of our hospitality portfolio expansion in Edinburgh and Cardiff, Bath felt like the ideal place for our next acquisition because of its role as a hub for UK tourism. The Abbey Hotel is a beautifully restored, historic hotel that has a proven track record as a popular destination for tourists. We look forward to announcing further investments across the UK as the industry bounces back from the pandemic.”
Michael Kovacs, Founding Partner of Castleforge, said: “Bath is a highly sought after city location for hotels, and we are fortunate to have secured such a wonderful property in the city centre. We are excited to be playing our part in supporting the city’s tourism and hospitality industry by investing in one of the best properties in the area. Our team will continue to provide the best possible service to Abbey Hotel guests and its employees as we aim to expand and improve the hotel, all the while protecting the heritage and character that makes it special.”
Anil Khanna, Managing Director of KE Hotels said: “We are very proud of the Abbey Hotel and the transformation into a high quality boutique hotel. The hotel offers an excellent guest experience supported by the fantastic team at the hotel. We wish Castleforge every success in taking over the hotel.”
To find out more, visit https://castleforgepartners.com/.