Recent property deals in the hospitality industry…
The price is Wight
The Fernbank Hotel in Shanklin, Isle of Wight, has been sold for close to its asking price of £490,000. Charles and Patricia Whybrow are the new owners of the 24-bedroom property which also has a 90-seat restaurant. Christie & Co was the agent.
Docklands buy for Old Monk
The Old Monk Pub Company has bought a 35-year lease on the Harry's Bar pub-restaurant in London's Docklands. Old Monk paid £535,000 in cash for the bar, which turns over nearly £699,000 a year.
Snowdonia hotel sold
The Craig-y-Dderwen Hotel in Betws-y-Coed, Snowdonia, has been sold for just below its £395,000 asking price. The new owners of the 13-bedroom site, which includes seven acres of gardens, are Martin and Odette Carpenter. Robert Barry & Co was the agent.
Mercury gets Pernickety
Pub management company Mercury Management, based in Tamworth, Staffordshire, has bought five pubs from Pernickety Inns for £4m. Three of the pubs, the Peacock Inn at Redmile, Leicestershire; the Wheatsheaf at Onneley, Staffordshire, and the Greyhound at Yarlet, near Stafford, are being added to the Traditional Free Houses estate. The remaining two, the Plough and Flail at Mobberley, Cheshire, and the Plough at Eaton, Cheshire, will go to the Paddock Inns portfolio. Mercury Management has now spent £25m on 38 properties during the last 12 months. Pernickety went into receivership in July.
Nick Conte, a former group manager for PizzaExpress, has bought Mario's Restaurant in Strathaven, South Lanarkshire, for close to its asking price of £125,000. The 34-seat Italian restaurant was run for 10 years by Giuseppe and Rae Lamanuzzi. Christie & Co was the agent.
The Altamount House Hotel in Blairgowrie, Perthshire, has been sold for close to its asking price of £395,000. The seven-bedroom hotel, which sits in six acres of grounds, has been bought by Stephen and Marion Douglas, who are returning to Scotland from the USA for their first venture into hotels. Robert Barry & Co was the agent.
Call to Arms
The Billingham Arms Hotel in Billingham, Cleveland, has been sold to local businessman David Lahder for close to £1.75m. The three-star property, which has 69-bedrooms, is food and drink-led. The previous owner, John Snaith, also runs the Golden Eagle near Stockton-on-Tees.