Dominvs Group offloads three hotels

13 September 2016 by Janet Harmer and Katherine Price

Real estate and private equity business Dominvs Group has sold three branded hotels for an undisclosed sum off a £12m guide price to Asian company Fico Corporation.

Dominvs said that the sale of the 80-bedroom Holiday Inn Darlington North, 71-bedroom Holiday Inn Dumfries and the 78-bedroom Mercure Sheffield Parkway formed part of a wider strategy to look for new opportunities to grow its portfolio and development pipeline.

The Mercure Sheffield Parkway and Holiday Inn Darlington are both freehold, while the Holiday Inn Dumfries is held on a long leasehold basis.

The company is now left with three hotels: the 298-bedroom Holiday Inn Manchester City Centre, and two at Aberdeen Airport (a 165-bedroom Crowne Plaza and 193-bedroom Holiday Inn Express).

It is also developing a 191-bedroom hotel at Tower Bridge, London, and a 145-bedroom property in Oxford.

JLL advised jointly on the off-market deal with Christie & Co.

Gavin Wright, director of JLL's Hotels & Hospitality Group, said: "This is a significant deal post the EU referendum result. All three hotels benefit from being operated by well-known brands and offer stable and steady income."

Jeremy Jones, head of hotels brokerage for Christie & Co, added: "This portfolio sale follows on from a number of recent high profile sales processes. It is further evidence of the appetite from both domestic and overseas buyers for good quality regional UK hotel assets."

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