Mon, 26 Sep 2011 | BUSINESS SALE
A deadline for bids on the Crowne Plaza hotel in Cambridge has been put in place by administrators Grant Thornton.
The 198-bedroom hotel, located in Cambridge city centre, was put onto the market last month following the administration of its owners, the Quinn Group. The commercial premises has a price tag of £35 million and is being marketed by Christie + Co, on behalf of Grant Thornton.
Interested buyers have now been asked to submit their first bids for the hotel by 12 noon on 14 October 2011, according to Caterer Search.
Christie + Co’s Alex Campbell told the publication, “Unsurprisingly, for such an excellently situated and appointed hotel, Christie + Co has received significant interest from both UK and overseas parties."
The high level of interest is due to the hotel’s prime position in the university city – it is located within walking distance of many of the colleges, meaning it has a steady stream of visitors.
The property also boasts the popular Bloomsbury restaurant, a well-equipped gym and more than 3,500 square feet of meeting space.
“The limited supply of hotel accommodation in the city centre makes the Crowne Plaza an excellent, and unique opportunity for existing operators and new investors who are prepared to make some investment in bringing guest facilities up to modern standards,” added Mr Campbell.
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