De Vere performance review leaves four properties up for sale

Hotel group De Vere has put four properties up for sale for £40m, just one month after chief executive Carl Leaver said properties that didn't perform to "acceptable" levels would be sold off.

The 136-bedroom De Vere Bellhouse in Buckinghamshire, near to Windsor, the 114-bedroom De Vere Dormy in Ferndown, Dorset, the 60-bedroom Village Hotel Swindon in Wiltshire, and the 40-bedroom Village Hotel Prestwich in Greater Manchester were all put on the market last week.

De Vere said the move followed a three-month review of its portfolio aimed at improving returns across the group.

Local hoteliers and small emerging hotel companies are thought to be the most likely buyers of the hotels, which will be marketed individually, although a sale-and-leaseback deal on all four properties remains a possibility.

CB Richard Ellis Hotels has been appointed as agent for the sale of the De Vere Bellhouse and is seeking offers in excess of £17.5m.

Richard Kiersey, director of property at De Vere, said: "The sale of the De Vere Bellhouse is the result of a review which has been carried out over the last three months, as part of De Vere Group's on-going growth strategy."

He added: "The De Vere Bellhouse is a profitable hotel successfully run by a highly skilled and professional team, however, our focus going forward is to invest in hotels where we can improve our brand profile. As such, we feel that the De Vere Bellhouse would fit more comfortably within another hotel group or as a standalone business."

Although De Vere declined to give asking prices for the remainder of the properties, industry experts said the Dormy, Swindon and Prestwich hotels were likely to fetch £7.5m-£10m, £5m and £3m respectively.