Thu, 04 Apr 2013 | BUSINESS SALE
The Holiday Inn Express in Dundee has been sold to Birmingham-based Cannock Investment, in partnership with hotel developer and investor Hetherley Developments.
A £4.4 million price tag was placed on the building last year, but the eventual sale price has not been revealed. However, it is known that Cannock was not the only bidder and a number of other offers were put on the table.
Stephen Bantoft, chairman of Cannock, told the Dundee Courier: “Dundee has a very positive inward investment story and we are confident the hotel will provide strong returns.”
He added: “We are very confident for 2013 and hope to build on what has been an extremely good start for Hetherley.”
Glasgow-based Saltire Leisure was the previous owner of the 7,500 sq ft leisure building, which includes restaurant and retail space in addition to the 95-room hotel. But the company entered administration last year and while the companies occupying the site continued to trade unaffected, a sale was required.
Dundee's hospitality sector has seen a fair deal of activity in recent months, including the opening of a new Malmaison leasehold hotel in September as part of the company's expansion plans.
____________________________________________________________________________
Related articles:
Malmaison and Hotel du Vin to expand under new ownership
Profit from buying a distressed business
Opportunity to acquire an established mixed dental practice in Tyne and Wear, efficiently led by associates.
LEASEHOLD
Established for over 40 years with a turnover in excess of £500,000, the business enjoys limited competition locally. The sale includes the business assets and the lease of the premises will be assigned to the new owner.
Major landmark store, 100+ years established, occupying valuable trading position within this mid-Devon town, centrally positioned on Crediton high street, opposite Costa Coffee, close Tesco Express, with free restricted stay car parking immediately...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.