Fuller Smith & Turner is to sell the Brigstow Hotel in Bristol to Pedersen Hotel Group for £17.09m. Opened in August 2001, the Brigstow is a contemporary four star hotel in the centre of the city, and is unlike the rest of the Fullers portfolio. Pederson will pay for the acquisition in cash, which Fullers stated it would use to reduce debt and acquire additional sites for its estate of 321 more traditional pubs and hotels. The Pederson Group runs several specialised hotel operations in the UK, some of which are leased out to other hotel groups. CEO of Fullers, Michael Turner, commented: "The acquisition of Gales has provided us with the opportunity to review our estate with a view to selectively unlocking value from our significant asset base. As a result, we believe this is the optimum time for us to sell this unique hotel. The disposal of The Brigstow will allow us to realise substantial value for our shareholders while maintaining our focus on our core offering and our strategy of long-term growth. "
