Fri, 17 Aug 2012 | ADMINISTRATION
A North Wales hotel has been purchased out of administration by investor Asif Siddiqui.
The Wild Pheasant, dating back to the 19th Century, has a modern bedroom and spa wing, 46 en-suite rooms, a function suite for 200, a courtyard bar and a 60-cover restaurant.
Colliers International sold the Llangollen hotel on behalf of the joint administrators David Costley-Wood and Brian Green at KPMG.
Neil Thomson at Colliers International commented on the deal, “The hotel had been operated under management whilst in administration and continued to trade profitably whilst new buyers were sought.
“It clearly demonstrates the strength of the market place for good quality, profitable hotel assets and despite popular belief, highlights the banks’ continued appetite to lend within the hospitality sector.”
The Wild Pheasant, previously owned by entrepreneur and TV star Stephanie Booth, had formed part of a portfolio of four hotels run by Llangollen Hotels Ltd before it entered administration in July last year.
Another hotel in the original portfolio, Chain Bridge Hotel, was successfully sold in June for £500,000.
Mr Siddiqui aims to refurbish the function rooms, bedrooms and other parts of the Wild Pheasant, and told the Business Post that his plans for the hotel will benefit the local businesses and economy.
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This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
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