A MULTI-MILLION pound refurbishment has been announced for the recently sold Ramada Hotel Gloucester.

Hallmark Hotels, which bought the Robinswood Hill business for an undisclosed sum earlier this month, will put the building through a £3m renovation programme.

According to Hallmark, which was backed by Zeus Private Equity (“Zeus PE”), which has an office in Bristol, the renovation will transform the hotel’s 97 bedrooms, restaurant, bar and conference suites to match its boutique style décor and high standards.

The hotel has been rebranded and renamed the Hallmark Hotel Gloucester.

Gary Tipper, managing partner at Zeus Private Equity, said: “The refurbishment and operational improvement will enable the Hallmark Hotel Gloucester to meet its full potential and become a real jewel in the heart of the Cotswolds.

"The acquisition also marks a significant step in developing the geographic coverage of Hallmark Hotels and will be a valuable addition to the group.”

Zeus PE established the Hallmark Hotels group in October 2007 with the aim of acquiring underperforming three-star hotels and converting them into four-star luxury hotels.

This is the seventh acquisition made by Hallmark which already operates hotels in Manchester, Bournemouth, Derby, Carlisle and Hull.

Ed Fazakerley and Gary Tipper led the transaction for Zeus PE. A team from NatWest provided the debt and was led by Alan Maybury. Legal advice to Zeus PE and Hallmark Hotels Group was provided by Mark Dawson and Alex Laver at Shoosmiths in Manchester.