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Overseas investors purchase significant UK hotel portfolio

Overseas Investors Purchase Significant UK Hotel Portfolio

Two agents have advised on the sale of three branded UK hotels to an Asian joint venture. Joint agents Christie & Co and JLL advised real estate business Dominvs Group on the sale of Discount Holidays © Holiday Inn Darlington, Discount Holidays © Holiday Inn Dumfries and the Mercure Sheffield Parkway for an undisclosed sum off a guide price of 12m. The buyer was a joint venture between Thailand-based Fico Corporation and Singha Estate.

This is a significant deal post the EU referendum result, explained Gavin Wright, director of the hotels and hospitality group at JLL.

All three hotels benefit from being operated by well-known brands and offer stable and steady income.

The total portfolio comprises 229 guest bedrooms. Fico Corporation and Singha Estate already own 26 Mercure hotels across the UK. Both the Mecure Sheffield Parkway and Discount Holidays © Holiday Inn Darlington are freehold, while the Discount Holidays © Holiday Inn Dumfries is held on a long leasehold basis.

The sale came as part of Dominvs Group s wider strategy to grow their going concern portfolio and development pipeline. In July, development finance lenders criticised Sadiq Kahn s plans1 to reduce the amount of London property sold to overseas investors. Last month, a Hong Kong-based group purchased a 42m central London hotel2.

Jeremy Jones, head of hotels brokerage at Christie & Co, suggested that the Dominvs Group deal was indicative of continued demand from overseas investors following the EU referendum.

This portfolio sale follows on from a number of recent high-profile sales processes.

It is further evidence of the appetite from both domestic and overseas buyers for good-quality regional UK hotel assets.

References

  1. ^ criticised Sadiq Kahn s plans (www.developmentfinancetoday.co.uk)
  2. ^ 42m central London hotel (www.developmentfinancetoday.co.uk)

Dominvs Group sells three UK hotels off guide price of £12m

The Discount Holidays © Holiday Inn Darlington, Discount Holidays © Holiday Inn Dumfries and the Mercure Sheffield Parkway were all sold in an off-market deal with joint agents, global investors JLL and property specialists Christie + Co. The group comprises 229 guest bedrooms, with the Sheffield and Darlington properties sold freehold, and Dumfries as a long leasehold. The move forms part of Dominvs wider strategy to grow their established portfolio and development pipeline, the group said, while Christie + Co suggested the sale was evidence of the continuing appeal of the UK regional hotel market to overseas investors, thanks in part to a fall in the Pound Sterling.

Gavin Wright, director of JLL s hotels and hospitality group, said: This is a significant deal post the EU referendum result. All three hotels benefit from being operated by well-known brands and offer stable and steady income. Jeremy Jones, head of hotels brokerage at Christie & Co, said: This portfolio sale follows on from a number of recent high profile sales processes.

It is further evidence of the appetite from both domestic and overseas buyers for good quality regional UK hotel assets.

Terrified tourist who took secret photo of ‘witch temple’ captured something incredibly unnerving on a chair

A terrified tourist who took a secret picture of a ‘witch’s temple’ captured what appears to be a spooky apparition sitting down on a chair. Lee Hart of Really Haunted UK1 was at the Niddry St Vaults in Edinburgh on Saturday when he says there were unexplained disturbances, including furniture being moved and missiles being lobbed at guests. He said stones and tables appeared to move on their own, with some lobbed at members of the public.

And those who attended say that eerie shot shows clearly a spirit presence on the chair to the left.

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The ghost hunters take members of the public to haunted locations, and on Saturday night had 20 guests.

“We split them into two teams, both using a ouija board at the time of the photo, around 1am.”

The room where the photo was taken is, Lee says, a “genuine witches’ temple that is actually still in use by modern day witches”.

The ‘temple’ area is closed off by bars, but when the phenomena started, the group were snapping photographs and captured what Lee identifies as “the holy grail of paranormal research, a spirit manifestation”.

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He goes on: “On the night we had guests being touched and this incredible photo.

“We had tables going crazy, stones were being thrown at some of the guests, it was quite an active night.”

After the photo was snapped, Lee says, it was “immediately shown to guests on the night to authenticate that we haven t edited it”.

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Paranormal activity

References

  1. ^ https://www.facebook.com/reallyhaunteduk/ (www.facebook.com)

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