Tue, 29 Jan 2013 | ADMINISTRATION
BDO has put the 250-bedroom Paragon Hotel on the market for £6 million after it entered administration late last year.
Dhillon Group, the previous owners of the hotel, brought in the administrators after being unable to withstand the tough trading conditions at the venue.
Three other hotels, owned by the Dhillon Group also entered administration – the 41-bed Crown Inn in Amersham, the 32-bed Liongate hotel in Kingston-upon-Thames and the 48-bed Olde Bell in Hurley-on-Thames.
Built in 1903, the Paragon is a six-storey Grade ll-listed building located in Birmingham, with only 207 bedrooms in use currently. It was originally used as a hostel for Irish migrants, and was converted for use as a hotel in the 1990s. Today it has 13 function rooms with a total capacity for 600 guests.
Gavin Wright, director of Christie & Co is marketing the hotel’s freehold. He commented on the situation: “As part of the Dhillon Hotels group, the Paragon hotel benefited from investment and development, with improvements to public areas and bedrooms. This, plus its close proximity to the city centre and good leisure and corporate demand, should be attractive to a variety of investors.”
The venue is popular for weddings, has strong corporate trade and weekend leisure bookings.
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