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Novotel Liverpool Central sold for over £12m

11 August 2014 by
Novotel Liverpool Central sold for over £12m

The Novotel Liverpool Central has been sold for more than its £12m guide price to Brussels-based investor Algonquin.

The hotel is the third property formerly owned by in-administration Pedersen Group to be sold by accountant and business advisory firm Chantrey Vellacott this year, for a combined price of more than £30m.

Administrators from Chantrey Vellacott took over the running of Pedersen (Liverpool) Ltd, Pedersen (Bromsgrove) Ltd and Pedersen (Ealing) Ltd in October 2013 following appointment by the Irish Asset Management agency, NAMA.

The Novotel Liverpool Central, located in the heart of the city adjacent to Liverpool One, has 209 bedrooms and is currently leased to Accor under the Novotel Brand until 2024. In 2013, the asset generated an investor return in excess of £1.04m, according to Chantrey Vellacott.

International real estate advisor Savills acted on the sale to Algonquin on behalf of NAMA and Chantrey Vellacott.

The Holiday Inn Bromsgrove was acquired by Kew Green Hotels in April, while the Hotel Crowne Plaza, Ealing was sold to Westmont Hospitality in June. Both deals were negotiated by Christie + Co following instruction from Chantrey Vellacott.

David Oprey, partner and restructuring specialist at Chantrey Vellacott, said: "We're delighted the sale of the Novotel Liverpool Central hotel has now been completed.

"There was very strong interest in the hotel, as there was in the properties in Ealing and Bromsgrove, and securing sales in excess of the combined asking prices of £30m is a very good result for the secured lender."

Robert Stapleton, director of hotel, leisure & trading at Savills, added: "We received significant buyer interest in this hotel due to its strong trading location in central Liverpool and its impressive operating performance.

"We are delighted to have secured such a strong price for our client, which significantly exceeds the original guide price of £12.3m, and further demonstrates the investment markets' growing interest in UK regional centres."

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