Corus sells Stafford hotel for £4.2m
05 July 2004
Midmarket hotel chain Corus Hotels has sold the 60-bedroom Garth Hotel in Stafford for £4.2m to a property developer.
The company's Malaysian owner, MUI, told the Malaysian Stock Exchange on Friday that it had agreed the deal with Jennings Homes.
MUI bought the hotel in 1995 for £3.2m and at the start of this year it was valued at £3.65m.
Occupancy has been running at 71.4% and the average room rate at the end of last year was £38.55, with the hotel turning in a profit of £191,000.
The decision to sell was made because the hotel did not fit into MUI's long-term plans for the chain, said the company.
by Nic Paton
Buy this week's Caterer magazine for more industry news and analysis
