Crest Hotels has sold the freehold of the 241-bedroom Holiday Inn Birmingham Airport – NEC to 11 Hospitality for an undisclosed sum off a £33m guide price.
The hotel will continue to operate as a Holiday Inn under a franchise agreement with InterContinental Hotels Group (IHG).
The sale is part of Crest Hotels' plan to fund further expansion and refurbishment of its existing portfolio, including the 40-bedroom Feathers hotel in Ludlow, Shropshire, where David Leggett has been appointed hotel manager to spearhead the refurbishment ahead of its relaunch later this year.
Jason Hiley, group operations director 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 £1.5m investment in the 17th century Feathers hotel in Ludlow and the £500,000 refurbishment to Holiday Inn Express in Knowsley."
Gavin Wright, director, hotels and hospitality at JLL, which advised on the sale, said: "We are thrilled to have completed on this high-profile sale. The Holiday Inn has benefited from significant investment and development since Crest Hotels acquired it in 2005.
"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."
Stevensdrake Solicitors acted for Crest Hotels and Adams & Remers for 11 Hospitality.
Crest's portfolio also includes the 73-bedroom Arnos Manor in Bristol and the 50-bedroom Almondsbury Interchange hotel near Bristol.