Following two rounds of a bidding process, Christie + Co can report that 19 out of 28 of von Essen Hotels are now under offer.
The offers for the hotels are being progressed on a sub-group or individual basis with a variety of buyers including both experienced operators and high net worth individuals.
The hotels on which offers are still invited are:
- Sharrow Bay, Cumbria (Guide price: £5m)
- Thornbury Castle, South Gloucestershire (£5m)
- Ynyshir Hall, Powys (£1m)
- Seaham Hall, County Durham (£5m)
- Callow Hall, Derbyshire (£1.6m)
- Congham Hall, Norfolk (£3m)
- Dalhousie Castle, Edinburgh (£5m)
- Homewood Park, Bath (£3.5m)
All prices are for the freehold tenure with the exception of Sharrow Bay which is freehold/leasehold. Congham Hall remains the subject of substantial building work which will increase its bedroom total to 24 and add a swimming pool and spa.
Christie + Co is also inviting offers for the freehold interest in the Chateau de Bagnols in France (£6m).
Chris Day, Managing Director of Christie + Co says: “As we anticipated, the portfolio attracted a great deal of interest nationally and internationally from a variety of operators and investors. Whilst portfolio interest was received, it was decided that the route to best value was through a sale on a sub-group and individual basis. The hotels that have not yet received acceptable offers have been reduced in price and will be immediately re-launched to the market — this is quite typical in multi-asset disposals such as this.”
For reasons of commercial confidence, and while the offer process is still ongoing, Christie + Co is unable to reveal the names of prospective buyers, the structure of any sub-groups, nor the price level of offers received.