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05 Sep 2008
Ref: mk439
The Crescent Hotel in Reading is sold to a buyer from Slough through Christie + Co
74/4221 The Crescent Hotel
An 18-bedroom hotel, occupying a central location in Reading, has been sold through the Milton Keynes Office of leading business agents, Christie + Co.
The Crescent Hotel is situated on Coley Avenue and was originally built in 1890 and has many of its Victorian features preserved, although it has been modernised and refurbished in recent years. As well as the letting bedrooms, the hotel comprises a reception desk, a guest work station with on-line access, a small bar, a 20-cover breakfast room and a lounge area, which has the potential to be a guest lounge or a staff room. There is also car parking available for up to 20 vehicles.
Stewart Harkness, from Christie + Co’s Milton Keynes Office, who handled the sale, commented; “The Crescent Hotel has an established commercial trade and benefits further from weekend leisure trade, as well as from the local International University students and their parents because of the hotel’s central position in Reading and easy access to the railway station. The business was sold on behalf of Umar Farooq and his wife, who also run the Abbey House Hotel in Reading, and had operated the Crescent Hotel since May 2004. The new owner is Slough-based Ejaz Mughal, who has experience in the trade as a general manager of the Ambassadors Hotel in London and has also previously worked for Choice Hotels.”
Christie + Co sought an asking price of £259,000 for the leasehold interest of the Crescent Hotel and it was sold for an undisclosed sum.
For more information contact:
Stewart Harkness (Pubs Negotiator)
(+44 (0) 1908 300950)
Stewart.Harkness@christie.comJulie Allen (Publicity Officer)
Press Office (+44 (0) 1908 350580)
Julie.Allen@christie.com
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