UK: CBRE has advised Richmond & Hampshire on the sale of The Elvetham in Hampshire to Jastar Capital.
The thirteenth-century country house hotel is located in Hartley Wintney, around two hours from London.
The estate includes 35 acres of landscaped grounds, 72 guestrooms, 21 meeting spaces and 10 separate buildings over 79,000 square-feet of space.
Jay Matharu, property director at 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 refurbishment of bedrooms, bathrooms, common areas, the formation of a new restaurant and the construction of a marketing leading spa. This is the first of several planned acquisitions and developments. Jastar Capital has ambitions plans to grow its presence in the hospitality sector across the UK”.
Greville Dare, managing director at Richmond & Hampshire, said: “After 18 years of ownership we are very proud of what we have been able to achieve with The Elvetham as a business. It is truly a magnificent asset in a fabulous location. 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 of hotel investment properties at CBRE, added: “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”.