Colliers International has sold the characterful 31-bedroom Grantham town centre hotel to Dean Harrison, an experienced hotelier who will immediately undertake a comprehensive refurbishment programme. Colliers acted on behalf of the owner, Ashdale Hotels, which has made the decision to rationalise its hotel portfolio ownership.
The business was marketed off a net turnover in excess of £800,000 per annum and the sale of the freehold asset and business was at an undisclosed figure off an initial guide price of £1.75million.
Dating back centuries and with a fascinating history including visits from several Kings, the Angel and Royal serves as a focal point in this historic town and provides traditional quality all round hotel facilities combining ancient character and modern comforts. With 31 letting bedrooms attracting strong corporate and leisure trade and with an attractive variety of bar, dining, meeting and function facilities, the Angel and Royal is a successful town centre business generating high profits year-on-year.
The hotel also benefitted from an unused cottage, stables, offices and store which provide tremendous potential for extra facilities.
The transaction was brokered by Julian Troup, Head of UK hotels agency at Colliers International, who said: “Since UK hotel trading shut down there had been modest interest in the hotels and hospitality businesses that we have on the market. I am pleased however to confirm that we have recently seen an improvement in the volume of enquiries, and more particularly the number of formal viewings taking place in the last couple of weeks.”
Troup added: “This is encouraging, bearing in mind it was felt that the most significant uplift in overall activity, and more particularly positive buyer sentiment, would arrive when everyone can see that there is indeed a pent up demand particularly for “Staycation” business in the UK which is already being proven with many clients reporting a healthy flow of forward bookings since the date for opening was rumoured in England. Although it does look as though holidaymakers will indeed be able to travel abroad this year, it is generally felt that many will prefer to stay in UK leisure destinations.”
The sale of the Angel & Royal follows sales by Colliers of two other hotels earlier this week; the historic 15-bedroom George hotel in Easingwold, North Yorkshire and the traditional coaching inn, The Bull Hotel in Burford, Oxfordshire.