Birmingham's Paragon hotel goes on the market for £6m
The 250-bedroom Paragon hotel in Birmingham has been put on the market for £6m, after falling into administration in September last year.
At the time, Sarah Rayment, BDO business restructuring partner, said: "Unfortunately the economic climate and difficult trading conditions have adversely affected these hotels."
The Paragon is located within an imposing six-storey, Grade II-listed building, which was built in 1903. It currently has just 207 bedrooms in use.
Located on Alcester Street, close to the Bullring Shopping Centre, the property has 13 function rooms with a total capacity for 600 guests. It currently enjoys a good level of corporate business and strong weekend leisure demand.
Gavin Wright, director of Christie & Co, which is marketing the freehold of the hotel, said: "As part of the Dhillon Hotels group, the Paragon hotel benefited from investment and development, with improvements to public areas and bedrooms. This, plus its close proximity to the city centre and good leisure and corporate demand, should be attractive to a variety of investors."
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Dhillon Hotels to put £50m into Birmingham's Paragon >>
By Janet Harmer
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