Signature Living to sell or refinance sites to repay investors

21 November 2019 by
Signature Living to sell or refinance sites to repay investors

Signature Living has said it intends to sell or refinance "many" of its properties following reports of investors' concerns over repayments.

A spokesperson for the group said that, due to Brexit, it had seen a slowdown in sales and funding, which has been coupled with planning issues as the company seeks to repurpose old buildings as hotels.

Signature Living recently put two of its Liverpool hotels on the market, the 59-bedroom Shankly hotel (pictured) and the 63-bedroom 30 James Street hotel, for more than £35m and £16m, respectively.

It has also put two of its Belfast properties up for sale, the former Crumlin Road Courthouse and War Memorial building, which it had intended to develop into hotels.

The spokesperson said: "It is our intention to sell or refinance many of these various sites over the coming months to ensure our investors gain their return in full.

"In the same way that we have with 30 James St and Signature Living hotel, both these sites were fully funded by individual investors who have now been fully repaid with all of their return on investment intact.

"As we have previously stated, we are reshaping the business by selling some of our assets to ensure all of investors are fully repaid and Signature Living can fund itself via its own profits. Signature Living is a profitable business with a solid and secure future ahead."

The sales will leave Signature Living with three hotels open and operational: the Arthouse and Signature hotels in Liverpool, and the Exchange hotel in Cardiff.

The opening of Signature Living's George Best hotel in Belfast has been delayed due to "unforeseen building works". Originally planned for a June 2018 opening, employees were offered opportunities at other Signature Living hotels or "compensated accordingly", the group said.

The first phase of its Dixie Dean hotel, the No 9 bar and restaurant, is already open, and the hotel is anticipated to open next month. The group is also planning to transform Liverpool's Cavern Walks shopping centre into a hotel as well as launch a second Shankly hotel in Preston's former Grade II-listed post office.

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