Wed, 25 Apr 2012 | COMMERCIAL PROPERTY
The De Vere Group is to sell two hotels from its portfolio for around £20 million in a bid to fund the development of other areas of its brand.
A buyer has already been lined up to acquire the Royal Bath Hotel in Bournemouth and the De Vere Daresbury Park in Warrington. Britannia Hotels, a rival of De Vere, will take over the two properties as part of the continued expansion of its brand.
Last year the group recorded an annual turnover of £360 million. But Andrew Coppel, group chief executive at De Vere, explained that the sales are part of a strategic review conducted earlier this year, which identified expansion potential in the Venues and Village brands of the business.
He added: “We are pleased to have successfully disposed of these two properties. The proceeds from our disposal programme will go towards funding a range of exciting development opportunities across the group, building a better De Vere and generating increased value for out stakeholders.”
Two more De Vere properties are also gearing up to be sold: The Grand Harbour in Southampton and the University Arms in Cambridge.
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