Conference centre is sold in £15.5m dealSep 09, 2019
Horwood House, centrepiece of the Horwood Estate.
A NEW hotel operator has made the Horwood Estate near Milton Keynes its first acquisition.
ZIZ Hospitality has paid £15.5 million to buy the freehold of the 40-acre site, including the grade II listed manor house and conference centre, from De Vere Hotels.
Founder Karim Kassam plans to capitalise on the asset management opportunities at the property and is considering several brand options.
“It has been a long journey finding the right first investment for ZIZ in this market and Horwood Estate, already an established wedding and conference venue, offers just that,” Mr Kassam said.
“I am looking forward to working with the experienced management team at the hotel to upgrade the facilities and build on this base to grow the business further.”
The sale of Horwood Estate, which includes 185 bedrooms as well as conference and meeting rooms and leisure facilities, was handled by business property specialist Christie & Co’s head of brokerage – hotels Jeremy Jones and director Alex Campbell.
Mr Jones said: “This latest disposal on behalf of De Vere Hotels is further evidence of the demand for such assets in the UK. The combination of scale, cashflow and the huge development potential on offer appealed to a range of buyers, with Karim Kassam ultimately the successful party.
“We are looking forward to seeing the improvements planned for Horwood Estate.”