Tue, 27 Sep 2022 | COMMERCIAL PROPERTY
A Yorkshire country house hotel has been put up for sale after falling into administration as a result of the financial impact of COVID-19. Monk Fryston Hall Hotel, situated in the Vale of York, is a Grade II-listed site set in 29 acres of land.
The hotel, which dates back to the 12th century, was a popular wedding venue prior to its COVID-enforced closure, and features 29 en-suite rooms, function rooms and a restaurant, as well as ornate gardens, mature parkland and lakes.
Monk Fryston Hall Hotel closed during the pandemic, before facing a number of challenges that prevented it re-opening. Despite the hotel having traded successfully for many years and numerous parties expressing interest in the business, a sale could not be concluded.
As a result, the directors have now appointed Begbies Traynor as administrators. The joint administrators will protect the business while they search for a buyer, with the hotel being marketed for sale by property agent Eddisons.
Joint administrator and Begbies Traynor Regional Managing Partner in Yorkshire Julian Pitts commented: “Monk Fryston Hall Hotel is a magnificent historic building set in acres of beautiful parkland and has been successfully trading as a hotel and wedding venue since the 1950s.”
"Unfortunately, like many businesses in the hospitality sector, the disruption of the pandemic proved to be too great a burden for it to bear.”
“We are currently working closely with Eddisons to market the business in order to provide the best return for creditors as well as enabling it to continue to trade and provide jobs for local people.”
The UK hotel sector was among the worst affected by the pandemic and its associated lockdowns and restrictions, leading to a wave of insolvencies. However, since COVID-19 rules were lifted last year, many have returned to growth following the resumption of tourism and corporate travel, prompting considerable M&A activity in the sector.
Read more about M&A trends in the UK hotel sector.
One of the best ways to find properties below market price is to look at recent administrations.
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