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Corus sells Stafford hotel for £4.2m

05 July 2004
Corus sells Stafford hotel for £4.2m

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

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