£150m-worth of hotels for sale

04 July 2005
£150m-worth of hotels for sale

Two hotel packages with a combined value of more than 150m have been put on the market through agent CBRE Hotels.

Glasgow-based BDL Group is looking to make 84m from the sale-and-leaseback of eight budget Express by Holiday Inn hotels, while London & Regional Properties is seeking 69m for 13 Accor-operated hotels under its own brands.

BDL manages about 20 properties, mostly new-builds owned by the company or by a joint-venture company called Mango Hotels.

Those up for sale-and-leaseback include BDL-owned hotels in Milton Keynes; Newport, Gwent; Northampton; Swansea; and Droitwich, Worcestershire, and Mango-owned hotels in Bedford; Hemel Hempstead, Hertfordshire; and Newcastle upon Tyne (which opens on
9 July).

London & Regional is selling 12 Ibis-branded hotels and one Etap, which are operated by Accor on long leaseholds with 23 years remaining. The group owns about 100 hotels in the UK and Europe which are managed by Hilton, Accor or Dividum of Scandinavia.

"The market is extremely buoyant at the moment," said Dominic Murray, associate director at CBRE Hotels. "Hotel owners have an opportunity to benefit from selling their assets at this time."

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