Tue, 09 May 2023 | BUSINESS SALE
A grade II-listed boutique hotel in Oxford's city centre has recently gone up for sale for £2.75m.
The Museum Hotel is 10-bedroom historic property was built in 1594 and has now been named as ‘the UK’s first keyless hotel’.
The owner of The Museum Hotel said: “You’ll be surprised to know that I was not a hotelier prior to purchasing 107 St. Aldates, with my main profession being a Geologist. Nevertheless, I greatly enjoyed renovating the hotel, it was exciting to have a side project to focus on. It was important to me to be innovative and to appeal to a new generation. We have minimal on-site staff but the idea was to provide a virtual, one of a kind experience. However, after six successful years, I have decided it’s time for me to move on.”
The owner purchased the property in 2013 and over the last ten years has converted the upper floors to 10-letting bedrooms and transformed it into the first hotel in the UK to provide keyless entry as well as a virtual check in. The hotel doesn't feature a reception and offers a limited-service experience, where it is easily managed remotely.
The sale which is being managed by Colliers also includes the ground floor and basement, which are together rented out as a retail unit to Ladbrokes betting company, generating over £50,000 a year of additional income.
Peter Brunt, director in the Hotel Agency team at Colliers comments: “This is an excellent opportunity for any investor looking for a hotel in a prime trading, city centre location. The business has consistent revenue with visitors all year round, as well as having a significant added monthly income from the retail unit downstairs. Furthermore, The Museum Hotel offers alternative use potential because it also has planning consent to be converted into three self-contained flats.”
One of the best ways to find properties below market price is to look at recent administrations.
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