Historic Hereford hotel brought to market as a going concern following significant refurbishment, investment and growth in trade
The Green Dragon Hotel, one of Hereford’s best-known historic landmarks, has been brought to market following a significant programme of refurbishment, investment and business development under its current ownership.
The 83-bedroom hotel is being offered for sale as a going concern, providing an opportunity for a new owner to acquire an established and trading hospitality business, together with the benefit of the substantial investment already made in the property and its operation, while offering further potential to develop the business and build trade.
The property and business was acquired in 2018 by a consortium of predominantly Herefordshire-based investors with a clear objective of restoring the historic hotel, improving its accommodation and facilities and repositioning the business at the heart of Hereford’s hospitality and business community.
Since the acquisition, significant capital investment has been made in the refurbishment of the hotel, alongside a sustained focus on developing the trading business and rebuilding its reputation and customer base. The investment programme has transformed the property while retaining its historic character and helped establish the Green Dragon as an important destination for accommodation, food and drink, business and events in the city.
The hotel is being marketed jointly by Graham + Sibbald and Christie & Co following a strategic decision by the current ownership group to bring the business to market after the successful turnaround and development of the hotel.
Importantly, the Green Dragon is being offered as a fully operational going concern and will continue to trade throughout the sale process. The intention is that customers, staff, suppliers and other stakeholders will experience no disruption as a result of the transaction.
Julian Vaughan, Managing Director of the Green Dragon Hotel, said:
“The Green Dragon has been a hugely rewarding project. When we acquired the hotel, our objective was to give this important Hereford landmark a new lease of life, invest in the building and create a sustainable and successful hospitality business for the long term.
“We have invested significantly in the property and, just as importantly, in rebuilding and developing the business. It has been a genuine transformation, and I am incredibly proud of what the team and our investors have achieved.
“The decision to sell is a strategic one. We feel we have achieved what we set out to do in restoring the Green Dragon and demonstrating the potential of the business, and we believe the time is right for a new owner to take it forward into its next chapter.
“It is particularly important to us that the business continues to operate as normal throughout the sale process. The Green Dragon has an established team, loyal customers and an active trading business, and there is every intention that this continues uninterrupted.”
The sale provides an opportunity for an experienced hotel operator, hospitality group, private investor or owner-operator to acquire an established hotel business in a prominent city-centre location.
Martin Davis of Graham + Sibbald said:
“The Green Dragon is a distinctive hospitality opportunity, combining an established trading business with a landmark historic property. The investment undertaken by the current owners provides an excellent platform for an incoming purchaser to take the business forward and realise its further potential.”
“We expect the opportunity to appeal to a broad range of hotel operators and investors seeking a business with a strong platform for future growth.”
Jeremy Jones of Christie & Co added:
“The Green Dragon offers an attractive combination of historic character, city-centre location and an established trading operation which has a history stretching back more than 900 years and has long been an important part of the life of Hereford.
“Its current ownership group set out to preserve that heritage while creating a contemporary and commercially sustainable hotel business. The refurbishment programme was undertaken while the hotel remained operational, allowing the business to continue trading throughout the transformation. This has been complemented by a continued focus on developing the hotel’s accommodation, food and beverage, events and wider commercial trade.”
The sale represents the next stage in the Green Dragon’s evolution, with the owners seeking a purchaser able to build on the platform that has been created.
The Green Dragon will continue to operate as normal during the marketing and sale process, with the business being sold as a going concern.
