Focus Hotels Management will continue to operate the hotel under its existing agreement.
This high profile hotel is ideally located for the corporate and leisure business generated from the range of pharmaceutical companies in the immediate area and the growing University of Hertfordshire which has a student community of c25,000.
This sale follows on from the recent sale of the 87 bedroom Mercure Altrincham Bowdon Hotel which was acquired by a private local purchaser and will be undergoing a substantial investment programme in the months ahead.
Jeremy Jones, Head of Brokerage – Hotels at Christie & Co brokered the deal and said, “The sale of the Mercure hotels in Hatfield Oak and Bowdon provide yet more evidence that the demand for profitable regional UK hotels remains strong.
“Purchasers with strong equity positions and access to competitive debt packages are struggling to secure suitable targets. When we bring suitable hotels to the market, we are experiencing highly competitive bidding processes which has increased sales proceeds.”
The Mercure Hatfield Oak hotel was sold off an asking price of offers in excess of £5,850,000.