Swallow Hotels to sell off nine properties
In a move that is perhaps a sign of the times, Swallow Hotels has put nine of its properties in England and Scotland on the market, all of which will be sold free of the existing management and brand.
They include the 88-ensuite bedroom Belstead Brook Hotel in Ipswich, the 92-ensuite-bedroom Hilltop Hotel Carlisle, the 85-ensuite bedroom Churchgate Hotel, Old Harlow in Essex, the 103-ensuite bedroom Swallow Hotel Gateshead, the 116-ensuite bedroom Swallow Hotel Glasgow, the 122-ensuite bedroom Imperial Hotel in Newcastle, the 78-ensuite bedroom Trafalgar Hotel in Preston, and the 50-ensuite bedroom Three Tuns Hotel in Durham, all of which are available as freehold. The 125-ensuite bedroom hotel in Stockton-on-Tees however is only available as long leasehold.
Property agents Christie and Co have been instructed to put all properties on the market by F&C Reit Asset Management at a range of guide prices, which is hoped will attract a mix of national, regional and local buyers.
Jeremy Jones, Director at Christie and Co, said: “It is unusual that such a diverse range of assets, such as this, is brought to the market. These traditional hotels will have broad appeal for owner operators and investors looking to improve them through capital investment and re-branding. We anticipate multiple, competitive offers on these properties.”
Swallow Hotels currently has 24 sites in castles and manor houses across England and Scotland, most of which contain leisure clubs, swimming pools, restaurants and bars.
