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Prezzo acquires Hertfordshire hotel
Prezzo, the casual Italian-style restaurant operator, has acquired a 26-bedroom hotel in Bishop’s Stortford, Hertfordshire.
The company bought the freehold for The George Hotel, which is also a public house, from Punch.
Prezzo, which has 140 restaurants across the UK, will occupy the ground floor and basement and is now exploring all options for the rest of the building, looking at the possibilities of conversion, tenancy or selling off the upper parts.
Brandon Elmon, director of agency and acquisitions at Davis Coffer Lyons, who handled the deal, said: “We have been approached by several residential developers and hoteliers interested in the upper hotel parts and I am currently reviewing the best way forward for the property.
"Acquiring this type of property is a new source of opportunity for Prezzo and is something that we will be actively seeking countrywide in 2010.”
Prezzo also said in a trading statement on Friday (15 January) that it anticipates its annual results to be better than market expectations due to strong trading in the second half of 2009, and that the results will include a "one-off financial benefit from a successful national insurance reclaim made in the same period".
The company also plans to open a further 10 restaurants this year.
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