through its company subsidiary Kop Properties (UK), Kop Limited has entered into an agreement for purchase in conjunction with Bannatyne Hotels Limited to buy Charlton House Hotel & Spa for GBP3.1 million ($5.1 million) on Feb . 28.
Bannatyne Hotels is a company that runs hotels all located in England.
It is situated at located in the Somerset Mendips in the UK The hotel features 28 guest rooms that have en-suites and is renowned for its unique country-house experience. The hotel also has an exclusive fitness and health club and restaurant, beauty spa event rooms, as well as a wedding venues.
The purchase from the property will enable the company to expand its activities in the hospitality sector, according to Kop Limited in its statement date of 1 March. The deal also marks the group’s entry into market in the UK market. The property is anticipated to provide the company with an increasing income stream along with cashflow in UK as demand in the hospitality sector could rise.
The evaluation took various aspects into consideration including the area and the location of the property and the potential increase in value, with only minor renovations to be made.
It will be paid for with cash from internal sources and is anticipated to be completed by March 3.