De Vere Group sells Jersey hotel for more than £15m

24 March 2006
De Vere Group sells Jersey hotel for more than £15m

The De Vere Group has sold its Jersey property, The De Vere Grand, for £15.55m.

Expected to complete in April the deal with the Fund of Delancy represents a premium to book value of 22%.

De Vere has also exchanged contracts for a new Village Hotel & Leisure Club in Farnborough, Surrey.

Carl Leaver, De Vere chief executive, said: "The sale of the De Vere Grand Jersey reinforces the group's commitment to managing our hotel portfolio in a way that delivers maximum value for shareholders. "

In the past two years the company has sold or agreed terms to sell six hotels signed management contracts for a hotel in Spain and the Belfry, and opened four new Village sites.

By Emily Manson

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