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

24 March 2006

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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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

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