West Country hotels specialists Colliers International report a significant increase in activity going in to 2014 – and have already chalked up half a dozen sales across the region.
Latest figures show hotel transactions across the UK as a whole leapt 66 per cent to £800m in the second half of 2013 and, nationally, Colliers International had its best year since the boom market, and was involved in selling or acquiring more than 100 UK hotels with a combined value of approximately £700 million.
Hot Spots like The Cotswolds continue to attract the lion’s share of interest in the South West, although the Bristol-based hotels team has also scored success in the New Forest and along the South coast.
Sellers needed!
Directors Peter Brunt and Simon Wells have sold so many properties they are appealing for owners thinking of moving on to take advantage of the increasing numbers of buyers looking to snap up hotels and pubs across the region.
A string of sales successes last year included selling landmark hotels such as the Highway Inn and Burford Lodge in Burford, the Shaven Crown at Shipton under Wychwood, and Peter Brunt comments:
“Having just sold the Kitchen in Minchinhampton and with two exchanges of contracts in late December on businesses due to complete at the end of this month, it is clear there are plenty of well-funded buyers looking to gain a foothold in this very special market place.
“The Cotswolds proved particularly resilient through the downturn and we are seeing a significant increase in activity as buyers respond to faster than anticipated improvements in the market.”
Colleague Simon Wells has also notched up some high profile sales including the Ayrlington and the popular gastro bar the Ring o Bells in Bath and the Burlington on the Isle of Wight and notes:
“We sold significantly more hotels this year and the majority were private sales where owners allowed them to be marketed at the correct asking price. What is pleasing is that the market responds with multiple bidders ensuring we are getting the best price in the market.”
Properties – and prices – are moving
But buyers have been warned not to miss out as properties – and prices – begin to move forward once again.
Simon said: “Viewing rates have soared across the region and buyers are finding that properties are now much less likely to sit on the market and are starting to realise that perhaps we are off the bottom and starting to fly.”
For further details, contact Peter Brunt or Simon Wells, Hotels directors, Colliers International on Bristol 0117 917 2000.