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Hotel Review Issue 17/01
SELLING YOUR HOTEL HOTELS IN DEMAND LEAF HOTELS
Lesley Watmough tells you Divisional Director, Andy Frisby We quizzed the managing what to consider before you sell looks at the small hotel market director of East Kent group your hotel. in four key London locations. Leaf Hotels. Onwards and upwards
Paul Hardwick Director & Head of Hotels
Uncertain, turbulent, concerning and At one end of the spectrum, Generator exciting are all words used to describe Hostels was acquired by Queensgate current market and economic conditions, Investment from Patron Capital, an influenced particularly by recent and investment partner of Invesco, for a Robust demand, supported by ongoing political events associated with reported €450million. The company Brexit and the government elections. operates 8,639 hostel bed spaces in resilient economic conditions, locations including London, Paris and funding opportunities, The reaction to these conditions from Copenhagen. At the other end of the positive investment returns, operators, investors and funders, however, spectrum, we continue to see the smaller, appears to be one of quiet confidence but well established, multiple hotel and strong underlying trade and the leisure sector continues to defy operating companies continue to expand and profit fundamentals, pessimistic speculation, as has economic through selective individual acquisitions. stability with better than expected GDP means the sector remains growth and falling unemployment. Although Potential disrupters do, however, remain, attractive. wage growth versus inflation remains a not least with the recent Business darker cloud. Rate revaluation which will see many businesses suffering significant increases Confidence is demonstrated by the in rates payable, the introduction of the continued strong levels of activity across Apprenticeship Levy adding to the tax all leisure property sectors, with hotels burden of most multiple operators and, of notably experiencing a strong and seemingly course, ongoing concerns and the incidence growing pipeline of deals, both small and of terrorist attacks. large. Robust demand, supported by resilient economic conditions, funding opportunities, The status quo is undoubtedly going to positive investment returns, and strong be shaken up over the coming months, underlying trade and profit fundamentals, however, the prevailing attitude within the means the sector remains attractive. leisure property sector is seemingly that life goes on and the UK is big enough and old enough to succeed whatever.
Cover image: Staffield Hall Country Retreats, Penrith – Currently available with Fleurets
2 Hotel Review Issue 17/01 fleurets.com In this issue
HOTELS
M&A Activity - Alive and well 4
Head of Hotels, Paul Hardwick, looks at the corporate M&A Activity across the hotels sector.
Preparing to sell your hotel 5
Lesley Watmough tells you what to consider M&A Activity before you sell your hotel. Page 4
Brummy Marvellous 6 - 7
Andrew Whelan joined Fleurets in 2016 and in this article he reveals his predictions.
Coaching Inns - Staging a Comeback! 8
Coaching inns are seeing a nationwide comeback, but why? Andrew Whelan explores.
Small Hotels are in Demand 9
Andy Frisby looks at the small hotel market in four key London locations. Page 6 Brummy Marvellous Leaf Hotels 10
We quizzed the managing director of East Kent group Leaf Hotels after his latest acquisition.
Hotel Contacts 11
Find your regional hotels contact from across our UK network of offices.
Properties 12 - 15
Page 9 Small Hotels are in Demand
Important notice: Unless otherwise stated, all properties are being dealt with on a Sole Selling Rights basis. The Leisure Property Specialists prices and other particulars regarding properties are correct at the time of going to press, June 2017. As prices can Fleurets Hotel Review be altered by the vendor at any time, interested potential buyers should check the latest position with Fleurets before Published by Fleurets Ltd viewing. The information contained in this publication is not 4 Roger Street, London WC1N 2JX to be reproduced in whole or in part without the expression permission in writing of Fleurets Ltd. Enquiries: Lizzie Hawes - PR and Marketing Manager T: 020 7280 4745 © Copyright - Fleurets Ltd 2017 London. E: [email protected] ‘All rights reserved’. Leaf Hotels W: fleurets.com/onmarket Page 10
fleurets.com Hotel Review Issue 17/01 3 M&A Activity - Alive and Well
Paul Hardwick Director & Head of Hotels
2016 fell short of the previous year in terms of transaction volumes, albeit this is perhaps a reflection of the exceptional levels of activity witnessed in 2015, rather than a sign of market deterioration in 2016. Furthermore, some players were distracted whilst digesting the fruits of their previous harvest. Of course, the referendum caused Majestic Hotel Harrogate, Cairn Group a brief hiatus, although any blip in activity located branded hotels providing 229 Cairn Group, continued on the expansion has seemingly passed, the last nine months rooms, off a guide price of £12 million, trail with the acquisition five hotels out or so witnessing significant activity across all reflecting around £52,000 per key and, of of the Hotel Collection portfolio off a of the leisure property sectors. course, Marriott International completed its guide price of £75 million, reflecting modest acquisition of Starwood Hotels & approximately £113,000 per key. The Hotels witnessed two portfolio investment Resorts, creating the world’s largest hotel group now comprises approximately 3,000 transactions, both involving Travelodge. company in a £13 billion merger involving bedrooms spread nationally. Secure Income REIT acquired a portfolio around 5,700 hotels with 1.1 million rooms of 55 Travelodge investments for around across 110 countries. Whilst activity has perhaps been a little £200 million, reflecting a net initial yield of subdued at the time of writing, there is around 7%. This was followed a month later a competitive pool of well funded ready by Mansford’s acquisition of the Booking buyers across the spectrum. There are Portfolio of 17 long leasehold Travelodge The referendum caused a several opportunities already in the market, investments for a shade over £28 million, brief hiatus, although any in addition to a steady flow of unsolicited again reflecting a net initial yield of 7%, acquisition approaches opportunities will approximately £48,000 per key. Both blip in activity has seemingly also arise as recent and buyers gradually transactions appeared to offer value to passed. consolidate and rationalise their estates. the buyers, pricing reflecting a substantial There are certainly the right ingredients for discount of c. 25% to returns often an active year. witnessed for the Travelodge covenant and for assets offering long term, upward Following a major £101m refinancing, only RPI linked income with strong trading Newcastle based hotel and bar operator, fundamentals.
September also saw Singha Estate and Fico Corporation acquire three provincially
Redworth Hall Durham, Cairn Group
4 Hotel Review Issue 17/01 fleurets.com Preparing to sell your hotel
Lesley Watmough Divisional Director
As an agent, I receive frequent telephone calls from hotel owners and operators who are thinking of selling. As part of this preliminary consultation, I advise clients how to ready themselves for the sale, and here are some of the key aspects.
My first piece of advice is to relax! They say Staffield Hall Country Retreats, Penrith that selling a property, changing jobs and available, number of rooms, restaurant it is an existing business TUPE (Transfer of getting divorced are the three most stressful covers, private accommodation, location, undertakings, Protection of Employment) events in a person’s life. For most hoteliers, photographs and floor plans. It is also will apply. A purchaser will want to see a list who reside in their hotel, they are tackling important to have up to date accounts, as of current employees, the hours they have two of these events in one go. Thinking and potential purchasers will want to understand worked and length of employment. planning ahead helps take away some of the the businesses turnover and profit figures. stress, however by hiring a specialist hotel A purchaser will then make an assessment agent you will be in safe hands. of whether the current asking price makes this a realistic proposition for them. If it Purchasers want to see Make sure you are aware of any tax is a high turnover business, with multiple occupancy rates, room rates implications or liabilities. Always check with sources of income, it would be useful to your accountant so you know the cold facts. provide a split on income from rooms, food and additional information How much money you will net after paying and beverage. Ideally, purchasers want which will help them analyse tax liabilities and fees? Take realistic advice, to see occupancy rates, room rates and the business as there is no point building your dreams additional information which will help them and plans on unrealistic figures only to find analyse the business and decide if they can yourself frustrated and having to adjust take it to the next level. your aspirations. There are various other reports which are If bank funding is likely to be required, a required, and it is better to plan ahead In order to create a sales brochure that good degree of reliable financial detail might rather than get swamped later in the sale will have the optimum impact, potential be essential, including audited accounts. If process. For example: gas safety certificates, purchasers need to see: the facilities electrical safety inspection records, fire risk assessment, asbestos report and EPC (Energy Performance Certificate). Each of Fleurets` regional offices has a professional services panel which can provide company recommendations for these services, including: legal, licensing or accountancy/tax planning advice, asbestos and EPC reports, architects and building surveyors.
Over the years, I keep in touch with many hotel owners who, although perhaps not currently looking to buy or sell, are monitoring the market. If you also would like a free and confidential conversation then please do not hesitate to get in touch. We are here to help! Cheltenham Regency Hotel fleurets.com Hotel Review Issue 17/01 5 Brummy Marvellous
Andrew Whelan Senior Associate
Over the last 6 years the hotel market has been steadily improving across the West Midlands. Occupancy growth rates, ADR & RevPAR have all shown good growth. Numerous new hotels and exciting developments have been built in the region, or are in the planning stages. But what factors have driven these developments? Park Regis Hotel, Birmingham And what is in store for 2017? strengthen demand. their Future Trends Workload Index has a balance for the Midlands of +17, expecting At this moment in time, there are 15 workloads to increase more than double Over the last 6 years the hotel hotel developments in planning or under the national average of +8. Universities market has been steadily construction; these include: the Easy Hotel are romping ahead, as is the private rented (2017), Grand Hotel (2018) as well as housing sector. The survey also reported improving. the city’s second Radisson Blu which will continued developer interest in Birmingham provide 220 keys at the airport and which and the wider West Midlands, partly due is due to open in 2018. to land values and the virtually guaranteed Recent history infrastructure investment. Projects such as Approximately 4.3 million people live within HS2 will bring benefits to the region over The economic downturn in 2008 led to a a one-hour drive of Birmingham, which the next 10 to 20 years. dramatic fall in hotel occupancy levels, but has the youngest population of any major from 2011 they have slowly risen alongside European city. In addition, Birmingham is Brexit increased appetite for new hotels. The the most popular destination for people need to provide a more diverse range of moving away from London, and high The full impact of Brexit will not be accommodation has also grown. profile office transfers, such as HSBC’s understood for many years to come, and the relocation of its UK retail head office, will actual impact on the hotel industry depends Public infrastructure investment, such as the aid continued investment. on the deal that is reached between the UK retail development at New Street Station, and the EU. Restrictions on free movement the Metro tram system and the extension The Royal Institute of British Architects is likely to impact the hospitality sector’s to Birmingham Airport, has helped to (RIBA) stated in their November Survey that workforce and according to PwC national hotel investments in the period ending July 2016 were down approximately 70% on the previous year, which is partly attributed to Brexit. PwC are also expecting transaction levels to be lower in 2017 than in 2014 and 2015, but still above immediate post recession levels. We believe that this analysis holds for the West Midlands, although at the moment overseas investors have maintained their interest in the UK hotel market and many of these investors are now actively looking in the regions rather than London.
According to AM:PM’s Q3 2016 Hotel
Arena Central, Birmingham
6 Hotel Review Issue 17/01 fleurets.com Bulletin, one of the first post-Brexit trends is a divide emerging between leisure and corporate focused markets, with tourist towns and cities performing more strongly. Birmingham in recent years has heavily promoted tourism and Birmingham City Council Leader, Cllr John Clancy recently quoted: “With an 18% increase in domestic tourists since 2008 and the largest international tourism growth of any UK regional destination, record-breaking numbers of visitors are taking advantage of Birmingham’s leisure offer, and our hoteliers and the region’s economy are reaping the benefits”.
Interestingly PwC in their UK hotels forecast 2017 stated that hoteliers thought
Birmingham, alongside Manchester and Birmingham New Street (credit Network Rail) Edinburgh, would be star performers in put on hold until the fallout from Brexit are still showing an increase, although the 2017. is more fully understood. Also existing rate of growth has slowed, whilst ADR and schemes involving mixed-use developments RevPAR are still showing healthy increases. 2017 and Beyond and serviced apartments are also likely However, with the increased capacity and to become purely residential. Indeed, we lower corporate activity we expect the Despite the supply of rooms increasing by understand that the 180 bed Regal Tower ADR and RevPAR growth to slow this year, 5% between 2014 and 2016, Occupancy, development is now a residential scheme. despite the expected continued growth in ADR and RevPAR are expected to hold up the leisure sector. well. There are currently 3,500 rooms in The graph below illustrates the West the pipeline for Birmingham and Solihull, Midlands hotel market for the last 3 years. Overview however, a number of schemes may be Occupancy rates in the West Midlands In summary, we expect the hotel market in the West Midlands to be strong in 2017 West Midlands Hotel Market and as long as GDP growth remains positive From 2014 through to 201 we expect this to continue into 2018 and beyond. Worries about Brexit may hinder investment in planned new hotels but at the moment there is no strong evidence of this.
7 Some of the regional hotel portfolios may 70 come under pressure and these may break up as individual sales. We still expect there to be strong interest in these hotels,
0 attracting both domestic hoteliers and overseas investors. It is expected that independent hotel 0 owners will continue to be squeezed by the
branded, budget and limited service hotels, and many of these will either convert or be 0 sold for alternative use; again the demand for these hotels is currently strong and 2014 c ange 2015 c ange 2016 c ange should remain so for the time being. Occupancy 70.7 73.0 2 73. 0 7
ADR .71 0 0. 4.37
RevPAR 40.12 10 1 44.20 10 2 47.32 7 1
Source: STR fleurets.com Hotel Review Issue 17/01 7 Coaching Inns - Staging a Comeback!
Andrew Whelan Senior Associate
Before the railway, coaching inns provided a rest for weary travellers. However, recently the demand across the country has reached new heights, and we explore why. Five trends have emerged which has contributed to the drive in demand.
1. Growth in staycations. The changing habits of holiday-makers have led to, generally, shorter and more frequent holidays in the UK. Good quality coaching inns situated in historic towns and cities have benefitted from these changes.
2. Changing demographics. Coaching inns’ customer profiles tends to suit the more Kevin Charity of the Coaching Inn Group occupancy rate and RevPAR has been affluent older clientele. This is the part of has recently stated: “We have doubled our steadily increasing over the last 5 years. society that has seen one of the biggest estate in the last 2 years and we now have growths in disposable income and leisure investment in place to support a £50 million As branded budget hotels continue to time. expansion across the UK.” increase their market share, the demand for alternative quality accommodation with 3. Casual dining boom. The press has This thirst for new sites is partly driven character is expected to grow and this highlighted a shift from diners preferring by the current high occupancy rates and sector of the market will no doubt continue a casual gourmet experience over the RevPAR that can be achieved in this sector. to boom for the foreseeable future. more formal experience. A coaching The graph below shows how Youngs’ inns’ comfortable atmosphere offers this ambiance.
4. Proliferation of the coffee-shop & 80 cream-tea culture. Most coaching inns are character buildings with traditional open-fire 70 lounge areas, enclosed patios and charming restaurants. Alongside strong Wi-Fi, many 60 offer a strong alternative to the coffee chains and tea-shops now dominating our 50 town centres.
40 5. Acquisitive pub chains. Major pub chains Y/E March Y/E March Y/E March Y/E March Y/E March have been joined by large numbers of 2012 2013 2014 2015 2016 well funded and very acquisitive hotel and restaurant groups, such as the Coaching Occupancy Rate % 68.6 68.6 71.5 73.3 74.5
Inns Group, Cirrus Inns and Oakman Inns, RevPAR £ 48.85 49.25 52.02 56.82 63.8 who are actively looking to source these buildings. For example, the Coaching Inns Source – Young’s Financial Reports 2012 – 2016 Group currently operates 16 coaching inns and intends to increase the size of its portfolio to 25 properties by March 2019.
8 Hotel Review Issue 17/01 fleurets.com Small Hotels are in Demand
Andy Frisby Divisional Director Property Approx. Sale Price Date Keys Approx £/Key
Caring Hotel, Bayswater £7,000,000 Feb-17 25 £280,000 Rose Park, Paddington £16,000,000 Oct-16 57 £280,000 Mowbray Court Hotel, Earls Court £42,500,000 Jun-16 138 £380,000 Hotel Moonlight, Earls Court £7,300,000 Mar-16 24 £304,000
Despite a widely reported drop in demand for London’s top priced residential property, input prices to the F&B side of the business. The simplicity of the small hotel business the hotel/B&B market in areas such as Online travel agents are an increasingly was recognised by the marketplace for the Bayswater, Paddington, Victoria and Earls important source of custom, while the Caring Hotel in that an operation of 25 Court continues to gain momentum. Government and local authorities continue rooms has just room servicing, reception to want their ‘fair share’ of income with and limited F&B offer (continental breakfast Fleurets recently sold the Caring Hotel W2 increases in rates as we move to the 2017 only) making it a very simple business location to Arianya Group, owners of the assessments. model. As a result the cost increases Garden Court Hotel, off a guide price of £7 highlighted above have a limited effect in million. Many of the hotels in W2 range from this sector of the market and buyers appear two to four stars, with the majority to recognise this. The Caring Hotel was priced at £280,000 targeted towards the budget market place. per key, a strong price. The market Historically, they are family owned and Cheaper sterling is attracting more foreign reacted well and high demand resulted in passed down the generations. Few are put visitors. Central London hotels inevitably competitive bidding. Interest came from a to the open market and deals are generally benefit from these increases due to the variety of different buyers, including existing done quietly. near proximity of tourist landmarks. operators, family offices, and overseas investors. These hotels are often seen as a safe haven, So, what of future supply of rooms? Within having historically been underwritten by resi ½ mile radius of the Caring Hotel there has Comment from the trade press suggests the prices and we have seen an exponential rise been an increase in supply of just 1.2%. small hotel marketplace might be suffering. in value over the last 20-30 years alongside The increase is only 2.6% within 2 miles of Much has been made of the recent supply other similar asset classes within Central the same location. Considering the time it increase of 4,500 room stock in the capital London. The drop in value of sterling, a takes to apply for planning, convert and/ as well as the massive growth of Airbnb. growing economy and stable legal system or build rooms, the local market is unlikely The hotel market is also dealing with continue to attract overseas money into the to saturate with new entrants in the near unprecedented cost rises with increases in sector. future. the minimum wage, as well as increases in The general marketplace does not appear to be overly concerned about cost pressures Radius from 2 to 4* Available Planned Pipeline Total and the simple economics of supply and Caring Hotel Hotels Rooms of New Rooms Variance % demand continue to drive prices.
Within 1/2 mile 123 8,519 103 1.20 We expect continued strong demand for Within 2 miles 365 30,521 798 2.60 small hotels in Central London, however, it is unlikely that they will come to the open Source: AM:PM market. As ever, to obtain one of these prized assets it’s not a case of what you know, more who you know.
The Caring Hotel, Bayswater fleurets.com Hotel Review Issue 17/01 9 Taking a leaf from their book
K Rajamenon Managing Director Leaf Hotels
Leaf Hotels is an expanding East Kent hotel group. They pride themselves on exceptional service as well as an eco- friendly green environment. We ask the Managing Director about the group’s future.
How many operations do you now have and what was your most recent acquisition?
Best Western Clifton Hotel Folkestone Leaf Hotels own and operate three hotels in east Kent, Dover, Folkestone and Canterbury. What was your biggest challenge to What advice would you give to someone The latest acquisition is the Best Western expansion, other than finding the right considering venturing into a second Clifton Hotel, Folkestone. sites? operation? Making improvements to the hotels and At what stage did you decide to grow to raising funds for the refurbishment project. Make sure the existing home operations multiple operations? Funding for acquisition is easy due to our are not compromised while expanding and strong relationship with the banks but once make sure the existing hotels have the right After successfully operating our first hotel, it is acquired we always make improvements team in place. Ramada Dover, with the right management to the asset and it takes time to get the team, we decided to expand and bought our funds released. Any guidance you would offer to parties second property in 2007, which was Holiday seeking funding for growth. Inn Express Canterbury. Can you summarise your acquisition requirements? Make your existing business or what you What were the major considerations when have successful, the investors or banks will deciding how to fund expansion and the Right location and market. 80+ rooms and come to you if you have good track record . speed of it? full service hotels. We are confident in turning any business around provided the We have always maintained good relationship hotel’s location has potential. with our bankers and with our strong growth of revenue and the way we operate, many major banks came forward to support us in acquisitions.
How do you retain control of the existing businesses as the group grows?
We have a strong management team, who specialise in all areas of hotel operations, including sales and marketing, revenue management as well as finance and procurement; and with all their expertise we have always made sure the existing hotels are operated successfully and consistently before we take new projects on board.
Holiday Inn Express, Canterbury
10 Hotel Review Issue 17/01 fleurets.com Hotel Contacts Who To Contact
London Midlands West & South Wales
Paul Hardwick Andrew Whelan Chris Irving Director & Head of Hotels Senior Associate Divisional Director 020 7280 4749 0121 236 5252 0117 923 8090 07748 988568 07879 497363 07818 412762 [email protected] [email protected] [email protected]
James Davies Director 020 7280 4711 07990 573176 [email protected]
Andy Frisby Divisional Director 020 7280 4719 07471 953231 [email protected]
Elysia Wilson-Gunn Associate 020 7280 4747 07810 541 579 [email protected]
Simon Bland Associate North 020 7280 4706 07471 953022 [email protected]
South North West Nick Earee Divisional Director 01273 429500 07836 541790 [email protected]
North West Midlands
Lesley Watmough East Divisional Director 0161 683 5445 07887 504694 [email protected]
East London Simon Jackaman Divisional Director 01223 402600 07775 516674 South [email protected] West & South Wlaes
North
Nick Thomas Negotiator 0113 234 0304 0777 067 2556 [email protected]
fleurets.com Hotel Review Issue 17/01 11 Covent Garden, London Wickford, Essex £6,450,000 - Long Leasehold £400,000 OIRO - Leasehold 4 self contained apartments arranged over 6 storeys with mansard extension and decked roof terrace. 36 bedroom 3* hotel & wedding venue in accessible Essex location. Bar, restaurant, function suites & Fantastic location in heart of Covent Garden. courtyard space. London Ref: LH-72976 EPC-E London Ref: LH-73025 EPC-B
SOLD STC
Eastbourne, East Sussex King’s Cross, London Cheltenham, Gloucestershire Soho, London £5,500,000 - Freehold £4,200,000 - Freehold £2,100,000 - Freehold £2,000,000 - Leasehold Substantial 108 bed seafront hotel, restaurant Well located & presented 14 bed hotel. 42 en suite rooms and 5 suites. Turnover £1m+ & Boutique hotel opportunity with 17 lett beds & (160), multiple public areas & garden. Overlooking picturesque garden square. rising. Bar/restaurant c. 90 covers. suites. Restaurant (50). Prominent location. South Ref: S-615488 EPC-C London Ref: LH-62879 EPC-N/A West & South Wales Ref: W-93644 EPC-C London Ref: LH-52814 EPC-D
SOLD
Bolton, Lancashire Great Yarmouth, Norfolk South Yorkshire Cheltenham, Gloucestershire £1,800,000 - Freehold £1,650,000 - Freehold £1,600,000 - Freehold £1,500,000 - Freehold Bar, bistro & function room. T/O c. £900k. 50 bedroom branded hotel with bar/restaurant & Well presented hotel. Around 40 lett beds. Bar, 6 boutique serviced apartments with palazzo Approximately 40 rooms, not in use. excellent function room. restaurant & function facilities. T/O £1.22m. façade. Tripadvisor’s #1 rates Cheltenham hotel. North West Ref: NW-416514 EPC-TBC East Ref: E-715954 EPC-C North Ref: N-621230 EPC-B West & South Wales Ref: W-93631 EPC-N/A
SOLD STC
Preston, Lancashire Penrith, Cumbria Lyndhurst, Hampshire Brighton, East Sussex £1,450,000 - Freehold £1,450,000 - Freehold £1,350,000 - Freehold £1,250,000 - Freehold 9 luxury self catering apartments in converted mill. 8 luxury s/c apartments. Lifestyle business. 19 en suite letting bedrooms with separate bar & 13 en suite letting rooms. Near seafront. Dining area & kitchen. Proven profits. Landscaped gardens. Proven profits. restaurant. Car parking & gardens to front. Owner’s studio flat. North West Ref: NW-719585 EPC-TBC North West Ref: NW-719586 EPC-TBC South Ref: S-514707 EPC-B South Ref: S-514976 EPC-N/A
12 Hotel Review Issue 17/01 fleurets.com SOLD STC
Blackpool, Lancashire Eastbourne, East Sussex Dalton-in-Furness, Cumbria Brighton, East Sussex £1,200,000 - Freehold £1,200,000 - Freehold £1,100,000 - Freehold £999,500 - Freehold Seafront hotel with 62 en suite beds. Refurbished 29 letting bedrooms, 60 cover restaurant, 2 bars & Established 27 bed wedding venue. Excellent Well positioned in popular seafront square. Sea & extended. Dining room with 148 covers. garden. Close to seafront & centre. trade. Retirement sale. Private 3 bed accom. views and opposite i360 tower. North West Ref: NW-214660 EPC-C South Ref: S-514738 EPC-TBC North West Ref: NW-517995 EPC-C South Ref: EF: S-615401 EPC-N/A
SOLD STC
Stowmarket, Suffolk Bournemouth, Dorset Ventnor, Isle of Wight South Downs, East Sussex £995,000 - Freehold £985,000 - Leasehold £975,000 - Freehold £970,000 - Freehold AA 3 star commercial hotel. 26 beds, lounge bar & 14 en suite letting rooms. Fine dining Town centre. 28 en suite letting bedrooms, 8 en suite letting bedrooms. 2 Rosette restaurant. 70+ cover restaurant & function room. restaurant (30), car parking & gardens. restaurant, bar & terrace with seating for 60. Owner’s accommodation & car park. East Ref: E-514402 EPC-D South Ref: S-615435 EPC-N/A South Ref: S-514923 EPC-C South Ref: S-515158 EPC-D
Wigton, Cumbria Oxfordshire Bridport, Dorset Northwich, Cheshire £950,000 - Freehold £950,000 - Freehold £890,000 - Freehold £895,000 - Freehold Georgian country house hotel. 12 en suite letting 12 e/s rooms, restaurant/cafe & manager’s flat. 10 bed Georgian hotel, bar/restaurant. 14 letting bedrooms hotel. Rest (58), bar area & 3 bedrooms & extensive grounds. T/O c. £731k. Planning for further 8 double rooms. Car park. Gateway to Jurassic Coast. bed accommodation. Proven net profit £89k. North West Ref: NW-619505 EPC-N/A West & South Wales Ref: W-93558 EPC-C West & South Wales Ref: W-93478 EPC-C North West Ref: NW-619348 EPC-N/A
Blackpool, Lancashire Blackpool, Lancashire £825,000 - Freehold £799,000 - Freehold Modern refurbished 33 e/s lett bed sea Dining room c. 80 covers. 40 beds. Lounge front hotel. Bar (100) & restaurant (90). bar, TV lounge/games area. 2 bed accommodation. North West Ref: NW-719582 EPC-TBC North West Ref: NW-3167 EPC-C
Melksham, Wiltshire Burton On Trent, Staffordshire Porthmadog, Gwynedd £1,295,000 - Freehold Freehold - £799,000 £795,000 - Freehold 13 en suite letting bedrooms, bar, restaurant, breakfast room, function room, 2 private flats & extensive 17 letting rooms. Located in the centre of town. Profitable B&B business. 13 en suite rooms, 1 bed grounds. Retirement sale. Potential to develop trade further. The private accommodation has an EPC of F. Highly profitable business. Lease also available. cottage & private accom. Approx £120k net profit. West & South Wales Ref: W-93634 EPC-D Midlands Ref: M-112442 EPC-D North West Ref: NW-517921 EPC-E
fleurets.com Hotel Review Issue 17/01 13 Wakefield, West Yorkshire Harlech, Gwynedd Southampton, Hampshire Brookthorpe, Gloucestershire £695,000 - Freehold £695,000 - Freehold £725,000 - Freehold £699,995 - Freehold Established guest house. 17 lett beds, 3 bed suite, 5* Rest with 7 luxury rooms, 3 bed private Family operated 9 bedroom guest house Established business. 11 letting rooms, bar & dining room. Sales £196k. accom, proven T/O £222k. Adj Harlech Castle. with 2 bed private accom close to city centre. private accommodation, gardens & parking. North Ref: N-621232 EPC-D North West Ref: NW-619075 EPC-C South Ref: S-615800 EPC-D West & South Wales Ref: W-93480 EPC-F
Carlisle, Cumbria Rhosneigr, Anglesey Lincolnshire Liverpool, Merseyside £695,000 - Freehold £695,000 - Freehold £675,000- Freehold £675,000 - Freehold Detached country inn. 8 lett beds, private Country inn & restaurant. 11 en suite letting A substantial coastal inn with 22 en-suite letting Refurb 12 en suite bed hotel, turnover approx accom & car park. Proven accounts & profits. beds, 3 bed accommodation. Lifestyle business. bedrooms, bar, restaurant & function facilities. £197k net, car park, potential to increase trade. North West Ref: NW-619444 EPC-D North West Ref: NW-416826 EPC-C North Ref: N-721974 EPC-D North West Ref: NW-619329 EPC-D
SOLD STC
Llandudno, Conwy Brislington, Bristol Haworth, West Yorkshire Shanklin, Isle of Wight £670,000 - Virtual Freehold £650,000 - Freehold £650,000 - Freehold £640,000 - Freehold Fully refurbished 20 en suite lett bed B&B, 3 Edge of city, 10 e/s lett beds. Garden, car park. Luxury guest house/hotel. 8 en suite letting 13 bedrooms. Dining/breakfast room, guest bed private accom & gardens. Established T/O. Development potential (STTP). bedrooms, lounge, dining rooms & 2 bed accom. lounge with sunroom, gardens & car park. North West Ref: NW-518317 EPC-C West & South Wales Ref: W-93687 EPC-TBC North Ref: N-621384 EPC-C South Ref: S-716064 EPC-C
SOLD
Morecambe, Lancashire Shanklin, Isle of Wight Llanberis, Gwynedd Great Yarmouth, Norfolk £625,000 - Freehold £595,000 - Freehold £595,000 - Freehold £599,000 - Freehold Approximately 0.827 acre site. Substantial 32 en suite letting bedrooms. Restaurant (62), bar Country hotel & restaurant. 10 letting Excellently refurbished established family run building. Currently closed ex-hotel. & car park. Retirement sale. rooms. 2 bed, 2 receptions & private accom. hotel with 30 en suite letting bedrooms. North West Ref: NW-518087 EPC-D South Ref: S-414297 EPC-D North West Ref: NW-517368 EPC-C East Ref: E-715893 EPC-N/A
Llandudno, Conwy Llandudno, Conwy Leyburn, North Yorkshire Llandudno, Conwy £585,000 - Long Leasehold £575,000 - Long Leasehold £575,000 - Freehold £550,000 - Virtual Freehold 16 en suite bed hotel. Restaurant (40) & car park. Town centre B&B lifestyle business. Established Lovely Dales market town. 7 en suite letting 15 en suite letting rooms with lounge bar, dining Run as B&B lifestyle business. 3 bed accom. profits. 14 e/s beds, parking & 2 bed accom. bedrooms, lounge, dining room & 3 bed accom. room & private accommodation. North West Ref: NW-518334 EPC-C North West Ref: NW-618965 EPC-TBC North Ref: N-621506 EPC-N/A North West Ref: NW-417252 EPC-N/A
14 Hotel Review Issue 17/01 fleurets.com SOLD STC
Macclesfield, Cheshire Conwy, Conwy Annan, Scotland Chatteris, Cambridgeshire £550,000 - Freehold £550,000 - Freehold £525,000 - Freehold £525,000 - Freehold 14 bed town centre commercial hotel. Turnover Country inn, restaurant 100 covers, bar, function Town centre commercial hotel, 24 e/s Established 16th century hotel. 12 lett beds, c. £106,000 high profits. Private acom. Car park. rm, 10 ensuite lett beds, 2 self catering cottages. rooms, bar, rest, function room, proven accounts. lounge, restaurant, function room & 4 bed house. North West Ref: NW-618690 EPC-E North West Ref: NW-619356 EPC-D North West Ref: NW-618890 EPC-C East Ref: E-413909 EPC-TBC
Llandovery, Dyfed Carlisle, Cumbria Great Yarmouth, Norfolk Corwen, Conwy £480,000 - Freehold £465,000 - Freehold £399,000 - Long Leasehold £370,000 - Freehold Well presented boutique hotel with 6 City centre B&B. 10 en suite lett beds & 3 bed Established family run hotel with bar, lounge, Substantial pub/hotel/restaurant with 12 potential em suite lett beds. Viewing essential. private accom. Proven accounts c. £110k. breakfast/dining room overlooking beach. letting rooms. Development potential STP. West & South Wales Ref: W-93551 EPC-N/A North West Ref: NW-618482 EPC-C East Ref: E-715927 EPC-D North West Ref: NW-518364 EPC-D
SOLD SOLD
Llandudno, Conwy Llandudno, Conwy Rhyl, Denbighshire Southport, Merseyside £355,000 - Virtual Freehold £350,000 - Freehold £350,000 - Freehold £289,000 - Freehold 6 e/s B&B lifestyle business, breakfast Detached property off promenade, 6 en suite Town centre promenade location with 5 bedsits, 2 Lifestyle B&B, 6 en suite beds, 1 bed private room, 2 bed private accom. Accounts available. letting bedrooms, 1 bed pvt flat, Dining rm c. 12. en suite bedsits & 14 family rooms. accom. Desirable location. May suit alt use. North West Ref: NW-618610 EPC-D North West Ref: NW-619317 EPC-E North West Ref: NW-315583 EPC-D North West Ref: NW-518121 EPC-D
Market Rasen, Lincolnshire Huntingdon, Cambridgeshire Bury St Edmunds, Suffolk Shanklin, Isle of Wight £245,000 - Freehold Leasehold - Offers Invited £180,000 - Leasehold £155,000 - Leasehold Award-winning CAMRA pub with 4 letting guest 8 e/s lett beds, rest & breakfast rm. Busy roadside Bar/restaurant (50), snug (10) & 7 en suite letting 30 en suite letting bedrooms. Restaurant & bar. bedrooms, 2 bars, restaurant & trade garden. location. All reasonable Offers Considered. bedrooms. Includes brewery. Indoor pool & leisure facilities. East Ref: E-514399 EPC-E East Ref: E-615638 EPC-N/A East Ref: E-615733 EPC-N/A South Ref: S-514613 EPC-C
LET SOLD STC
West Mersea, Essex East Ilsley, Berkshire Aberystwyth, Dyfed Ongar, Essex Leasehold - Offers Invited £100,000 - Leasehold £70,000 - Leasehold Leasehold - £30,000 Beautifully located overlooking river and estuary. 11 e/s letting bedrooms with multiple trade areas, Award winning property with 15 bedrooms. 13 Quality country inn & restaurant with lounge bar, Lounge, bars, dining areas (80) & gardens (280). attractive courtyard beer garden & substantial acre private complex in popular tourist area. snug, restaurant, 4 bedroom e/s accommodation. East Ref: E-715905 EPC-TBC London Ref: LA-721213 EPC-D Midlands Ref: M-112427 EPC-B/D East Ref: E-715792 EPC - TBC
fleurets.com Hotel Review Issue 17/01 15 London North West East North 4 Roger Street London 0161 683 5445 01223 402600 0113 234 0304 WC1N 2JX [email protected] [email protected] leeds@fleurets.com 020 7280 4700
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