Jarvis snaps up threeCroft hotels
Jarvis Hotels has bought three of the six Croft hotels that were put into receivership at the end of last year.
The three include arguably the two best properties in the portfolio - the 90-bedroom Fairfield Manor Hotel in York and the 107-bedroom Grange Park Hotel in Hull.
Also included in the £16.22m cash sale is the 62-bedroom Learmonth Hotel in Edinburgh, subject to the transfer of the liquor licence.
The deal was put together through joint agents Lawrence and Chesterton. Richard Snead, chairman of Lawrence, said the sale had been agreed in mid-December, before the receivers were called in.
The fate of the three other Croft hotels is unclear. It is understood an offer had been made for the complete group but this buyer may reconsider with the prize assets gone.
The juiciest morsel left is the 103-bedroom Avant Hotel in Manchester. This modern three-star property was bought out of receivership by Croft at the end of 1991 along with Grange Park.
The two other hotels are the 48-bedroom Elmbank in York and the 72-bedroom Royal British in Edinburgh.
