Global real estate firm CBRE has advised Richmond & Hampshire on the sale of a historic country house hotel in Hartley Witney, Hampshire.
Sold for an undisclosed sum to real estate and private equity business Jastar Capital, the prestigious venue dates back to the 1200’s.
Jay Matharu, Property Director, Jastar Capital said “Jastar is a family-owned company, which I set up alongside my siblings Taran and Sindri, following a demerger at Grange Hotels. We are pleased to announce the addition of The Elvetham to the Jastar Capital portfolio. We hope to build on the well-loved foundation that has been safeguarded by the Dare family for almost two decades. The Elvetham Hotel will receive a significant investment programme, including the refurbishment of bedrooms, bathrooms, common areas, the formation of a new restaurant and the construction of a market-leading spa. This is the first of several planned acquisitions and developments. Jastar Capital has ambitious plans to grow its presence in the hospitality sector across the UK.”
The prestigious freehold estate includes 35 acres of landscaped grounds, while The Elvethan Hotel offers 72 bedrooms, 21 meeting spaces and over 79,000 sq ft of space.
Described by Richmond & Hampshire’s Managing Director, Greville Dare, as a ‘truly magnificent asset in a fabulous location’, Richmond has owned the hotel for the past 18 years. Commenting on the sale, Greville said: “I am personally delighted for The Elvetham, and for the staff, that The Elvetham has been acquired by another privately owned ‘family’ business like ourselves. The Matharu’s are highly experienced, professional and successful hoteliers with great vision and resources which will enable them to further un-lock the Elvetham’s exciting potential. CBRE acted as real estate advisors throughout the process to a successful conclusion.”
Alex Lee-Bull, Associate Director, Hotel Investment Properties, CBRE said: “The sale provides an excellent opportunity for the new owner to reposition the Elvetham and take advantage of the property’s rich history and character. The property is located in one of the most affluent areas in the country and is within easy reach of London, making it well placed to become a destination country house hotel.”