Thu, 02 Sep 2021 | COMMERCIAL PROPERTY
The Rose and Crown Hotel in Wisbech, Cambridgeshire has been put up for sale with a guide price of £1.2 million. The auction for the hotel, which has been owned by Rajesh Sadana for the last six years, will be handled by commercial real estate and property agent Colliers.
The Rose and Crown is a 29-bedroom hotel, with a ballroom and meeting rooms, along with bar and restaurant. The hotel, which was previously a coaching inn, dates back to 1461 and is a Grade II listed building. During COVID-19 lockdown, the hotel was hired by Fenland Council to house local homeless people.
Paul Barrasford, Director of Colliers’ Hotels Agency division, said: "The hotel also features a 180-capacity ballroom licensed for civil weddings as well as meeting rooms, restaurants, a bar, courtyard and car park.”
“The hotel has been extended over the years, but still retains its historic charm. Throughout the pandemic the accommodation side of the business has maintained a healthy trade, with a strong and profitable performance from bedroom revenues.”
“The business is on an upward trajectory as its revenue streams from restaurants, bars and events rooms have come back online.”
Regarding the sale, Colliers commented that it was “ready for a new chapter”, with Paul Barrasford adding that the current owners were looking to “focus on business interests closer to their south east base”.
In its most recent financial results, for the year ending June 30 2020, the hotel had fixed assets of £655,515 and current assets of £217,299. With creditors owed close to £700,500, the business had net assets of £172,357.
One of the best ways to find properties below market price is to look at recent administrations.
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