Blackstone, owner of the Savoy Group, has sold its Lygon Arms hotel in the Cotswolds to private hotel group Furlong Hotels for an estimated £10m-£15m.
The sale, on Monday (30 June), ended weeks of speculation surrounding the luxury 69-bedroom hotel in Broadway, Worcestershire.
Haydn Fentum, director of Furlong, said he paid more than £10m for the four-star property. Blackstone was thought to be holding out for £18m. Fentum, speaking just minutes after closing the deal, said he was "absolutely delighted". He had been negotiating since May.
Fentum plans to spend £3m-£4m refurbishing the property, and plans no staffing changes.
Furlong also owns Billesley Manor near Stratford-upon-Avon and Combe Grove Manor near Bath. It manages three other UK hotels.
Source: Caterer & Hotelkeeper magazine, 3 - 9 July 2003