Posted on 30/09/19 in Crest News
Crest Hotels has completed a deal to sell the 241-bedroom, Holiday Inn Birmingham Airport – NEC, to 11 Hospitality Limited.
The freehold property was sold for an undisclosed sum, off the guide price of £33 million.
Crest Hotels is a privately owned and managed hotel group and the sale of the Holiday Inn is part of a strategic plan to fund further expansion, with the group now on the lookout for new opportunities to grow the portfolio.
Crest Hotels is also investing in a major refurbishment of their existing property portfolio, including the newly acquired Feathers Hotel in Ludlow.
Professional services firm JLL, advised on the sale. Gavin Wright, director, Hotels & Hospitality at JLL, comments: “We are thrilled to have completed on this high-profile sale. The Holiday Inn has benefitted from significant investment and development since Crest Hotels acquired it in 2005. Birmingham offers strong investment opportunities, supported by the forthcoming Commonwealth Games in 2022 and the high-speed rail link HS2 scheduled for 2026. This sale represents the largest single asset sale in the region during 2019 and follows our recent sale of the Hilton Garden Inn, Birmingham Airport in 2018.”
The Holiday Inn, in Birmingham, is a 241 bedroomed property with substantial on-site parking, 14 meeting and conference rooms, as well as extensive leisure facilities and Marcos restaurant and bar facilities. The hotel will continue to operate subject to a franchise agreement with InterContinental Hotel Group (IHG) under the Holiday Inn brand.
Jason Hiley, on behalf of the Directors at Crest Hotels said “The sale of the Holiday Inn is part of a wider strategy to look for new opportunities after 14 very successful years. The strength of the business is a testament to the great team at the hotel, and the company is truly grateful for their hard work and dedication.
“We are now looking UK wide for further properties to add to the portfolio, as well as carrying out a programme of redevelopment of our existing portfolio, which has included some major investment to create some stunning properties, including the £xxx investment in the 17th Century Feathers Hotel in Ludlow and the £500,000 refurbishment Crest’s Holiday Inn Express in Knowsley.”
Stevensdrake Solicitors acted for Crest Hotels and Adams & Remers LLP for 11 Hospitality Limited.