Friendly sells second hotel in a week
16 February 2001
Friendly Hotels is to sell the Quality Cadogan Hotel in Bournemouth, Dorset, for £1.1m.
The hotel has 54 bedrooms and made operating profits of £100,000 on turnover of £800,000 during the year to 29 December 1999.
Its current value in Friendly's accounts is £925,000.
Friendly will use the proceeds to pay off some of its bank loans.
The buyer is a local hotel operator. Christie & Co was the agent.
The sale is the second by Friendly this week. On Monday it sold the Quality Mansion Hotel in Eastbourne, East Sussex, for £1.2m.
The group announced just before Christmas that it planned to sell off one third of its hotels as part of a restructuring plan to try to resolve its financial crisis.
