Redefine Hotels Reading - a subsidiary of Redefine International - has acquired Reading's Caversham Hotel Thames Side Promenade and the property's leasehold in a deal worth £12.75m.

The property first opened in 1979 before being rebranded as a Crowne Plaza Hotel in 2003 as part of a franchise agreement with Six Continents Hotels that will expire in June 2025. Redefine has already agreed to enter a new franchise agreement with Six Continents Hotels for the property, which includes the Acqua restaurant and conference facilities.

The hotel, which also boasts a leisure club with an infinity-effect indoor swimming pool; a sauna; and five treatment rooms, is one of a portfolio of four put in administration last year. In a statement, Redefine said that the purchase remains subject to the seller receiving written consent from the landlord to transfer the leasehold rights.