FOR SALE BEST WESTERN ROSE & CROWN Offers in the region of 125 HIGH STREET, TONBRIDGE, KENT £2,500,000 – Freehold BEST WESTERN ROSE & CROWN, 125 HIGH STREET, TONBRIDGE, KENT
SUMMARY
• 55-bedroom branded hotel in prominent High Street location. • 16th Century property in strong leisure and corporate trading position. • Extensive public areas include bar, restaurant and events rooms. • On site car park (40). Scope (S.T.P) to redevelop rear parts of the property. • Net turnover for the year ended December 2019: £1.15m
INTRODUCTION The original parts of the Grade II Listed Rose & Crown The local and regional economy generate good demand date to the 16th Century and it much retains a coaching drivers from leisure and corporate clientele. Notable inn charm. Oak beams and Jacobean panel amongst the conurbations in the region include Royal Tunbridge Wells features. The property has extended in more recent years (4 miles) Maidstone (12). London is 29 miles to the north and includes 55 guest bedrooms, bar, restaurant and west. Fastest train journey time to London is just 32 events room. minutes from the local station (just 0.5 miles away). There is also an onsite car park for 40 vehicles. Some THE PROPERTY parties may wish to consider the scope (subject to planning) to redevelop the rear parts of the property. Front section is Grade II listed. The extension to the rear incorporates the majority of guest bedrooms. Acquired by our client around 2010, the hotel is offered for To the original building is the Oak Room; a welcoming sale as they look to scale back on their business interests. The trading performance is established, though still with restaurant and bar fronting the High Street and with seating for around 40 . A terrace to the rear seats around clear scope to increase revenue. In particular by 30. capitalising further on the property’s central position and generating higher levels of non-resident trade. The events and meeting rooms include: LOCATION Market Suite (maximum theatre capacity 120). Ideal for theatre style presentations, wedding breakfasts and larger The Best Western Rose & Crown Hotel occupies a general meetings, it also has a private bar and media prominent High Street location in Tonbridge, on the River presentation equipment. Medway and one of Kent’s principal market towns. The hotel is located to the upper end of the High Street and opposite the river fronted Tonbridge Castle; one of the finest examples of a motte and bailey fortification in the UK. BEST WESTERN ROSE & CROWN, 125 HIGH STREET, TONBRIDGE, KENT
THE PROPERTY (CONTINUED) WEBSITE Oak Lounge (50). A mid-size conference and event http://www.roseandcrowntonbridge.co.uk space ideal for meetings, training seminars, presentations and dinner. The Lower Lounge has TENURE seating for around 20 persons. The property is held freehold. Skinners Room(20).Used for private parties or board meetings, it is named after the Masters, and Court of THE BUSINESS the Skinners Company, an association that dates The Best Western Rose & Crown Hotel is an back a hundred years. The arms above the porch are established mid-market hotel. Top line revenues are those of the Duchess of Kent, mother to Queen reasonable, but with clear scope for increase. Victoria and commemorate the frequent visits by the Primary revenue streams include good levels of Duchess and her daughter. midweek corporate business complemented by weekend leisure clientele. The Rose and Crown is well placed to capitalise on it’s proximity to GUEST BEDROOMS Tonbridge Castle; located just opposite and a notable tourist attraction and wedding venue. The hotel features 55 en suite guest bedrooms, configured as
28 double, 16 twin, 9 single, 1 triple and 1 four poster. Operated by a General Manager, the hotel employs some 20 full time and a pool of around 12 part time All rooms have television, alarm clock / radio, members of staff. complimentary Wi-Fi and hair dryer. The recent trading performance is summarised as: ANCILLARY AREAS Salient areas include well equipped commercial kitchen, walk in fridge, dry store, chef’s office, reception office, vacant office/ store, manager’s 2019 2018 2017 office, housekeeper’s office and ironing room. Y/e December £'000 £'000 £'000 Net Turnover 1151 1169 1123 UTILITIES Adjusted Net The property is connected to all mains utilities. Profit 78 98 136 LICENCES Adjusted net profit is stated inclusive of rental We understand that licences held at the property income (apx £13k per annum) from a neighbouring include Premises Licence. retail unit owned by our client. BEST WESTERN ROSE & CROWN, 125 HIGH STREET, TONBRIDGE, KENT
THE BUSINESS (CONTINUED)
For the yea ended December 2019, the revenue mix was approximately: accommodation (69%) , F&B (31%).
KPIs for the year ended December 2019: Occupancy (64.19%), Average Room Rate (£61.28) and RevPAR (£38.84). GUIDE PRICE AND METHOD OF SALE Offers in the Region of £2,500,000 are sought for the freehold interest in the property and business. Stock in trade to be sold at valuation. A company or asset sale will be considered. ENERGY PERFORMANCE CERTIFICATE To be confirmed. IDENTITY CHECKS In order to comply with anti-money laundering legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the relevant time BEST WESTERN ROSE & CROWN, 125 HIGH STREET, TONBRIDGE, KENT BEST WESTERN ROSE & CROWN, 125 HIGH STREET, TONBRIDGE, KENT
VIEWING AND FURTHER INFORMATION For further information or to arrange an inspection of the property, please contact:
Paul Barrasford Tel: 020 7344 6963 Email: [email protected]
Disclaimer Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person employed or engaged by Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. (Insert date) Colliers International is the licensed trading name of Colliers International Business Space UK LLP which is a limited liability partnership registered in England and Wales with registered number OC385143. Our registered office is at 50 George Street, London W1U 7GA. www.colliers.com/uk/hotels