Over recent months, specialist property adviser Christie + Co has closed deals on high quality hotel assets to a value of £500m.
Activity includes the recently completed sale of 12 QMH Hotels, LRG’s disposal of 21 Holiday Inn hotels, Cedar Court in York and the sale of The Lowry Hotel in Manchester.
Demand from international investors
This has been driven by a surge in demand and interest from international investors – particularly North America, boosting confidence in trading conditions in London and increasingly so in the UK regions. The business agents have also experienced some very competitive bidding which has resulted in many transactions exceeding price expectations.
Value is returning to the hotel sector as confidence in the market grows and the continued improvements in the economy have resulted in Christie + Co’s specialist Hotel team being busier than ever.
Chris Day, Managing Director of Christie + Co comments: “The last few months have been particularly successful, where our regional teams pulled together to deliver outstanding client service. We look forward to further successes as we move through to 2015.”
A selection of latest transactions:
• Rocco Forte in sale of 5-star hotel The Lowry: Luxury hotel group, Rocco Forte Hotels sold Manchester’s iconic 5 star hotel, The Lowry, to US-based Westmont Hospitality Group and its investment partner Mount Kellett Capital Management for an undisclosed sum.
• 21 Holiday Inns to Kew Green: Kew Green Holdings Ltd (Kew Green) completed the acquisition of 21 Holiday Inn hotels from LRG Holdings Ltd, expanding its portfolio to more than 50 hotels.
• Cedar Court in York: Christie + Co advised The Cedar Court Group on the sale of York’s only 5 star hotel. The discreet sale, which saw the property on the market for six months, attracted bids from national and international hotel groups with Splendid Hospitality Group clinching the freehold.
• Eleven QMH UK hotels sold to MCAP Global Finance Ltd: Christie + Co successfully completed the sale of eleven QMH UK hotels in August 2014 to MCAP. The portfolio consisted of 2,000 bedrooms operating under the Crowne Plaza, Holiday Inn and Best Western hotels.
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