Signature Living is to sell two of its luxury hotels – 30 James Street and The Shankly Hotel – for £57m as the group looks ahead to further expansion.
The hotel developer and operator founded by Lawrence and Katie Kenwright is to put the two properties on the market to allow the group to further invest in its £150m expansion plan, which will see six hotels open across the UK by the end of this year.
The sale of 30 James Street, valued at £17m, and The Shankly Hotel, valued at £40m, will see Signature Living focus on the group’s ‘next exciting phase of development’, with a total of 10 hotels in the pipeline.
The company’s 1,400 staff will also increase to 3,000 over the next 18 months as part of the growth.
30 James Street, the ‘home of the Titanic’, was originally built in 1898 as the former headquarters to the White Star Line shipping company which built and owned the historic ship and opened as a 63-bedroom hotel after a complete transformation in 2014.
Signature Living last week confirmed that it had also bought out all of its overseas investors in 30 James Street from an initial five-year investment plan for £7.9M.
The ROI of 8% plus a 3% uplift, yielding returns of 11% per annum on their original investment.
The Shankly Hotel is the ‘spiritual home’ of Liverpool football manager Bill Shankly.
The 125-bedroom hotel, which comprises the Bastion restaurant, two indoor conference spaces, plus an open air rooftop event space, opened its doors in 2016 and has become hugely popular with groups and families since, regularly reaching an occupancy of 98%.
Commenting on the sale of the two hotels, chairman Lawrence Kenwright said: “The sale of 30 James Street and The Shankly Hotel represent a significant milestone in the success of Signature Living for myself and Katie.
“It’s now time to focus our attention on the next exciting phase of Signature Living with some incredibly exciting projects that we have in the pipeline including three football themed hotels in Liverpool with the Dixie Dean hotel in homage to the Everton and England legend Dixie Dean, The Shankly Hotel in Preston and the George Best Hotel in Belfast.”
Currently the Signature Living group operates a hotel and apartment portfolio valued at over £350M.
The six hotels due to open by the end of this year include; Loyolla Hall (St Helens), The Dixie Dean Hotel (Liverpool), The Shankly Hotel (Preston), Cavern Walks Hotel (Liverpool) The George Best (Belfast )and The Wareing Hotel (Belfast).
Recently the company revealed plans to convert a former Presidential yacht into a £5m, 632-berth ‘floating beach club cruise ship’ to be moored in Ibiza.
Signature Living also recently acquired the 80,000 square foot Cavern Walks shopping complex – which houses the world famous Cavern Club – in a deal worth £8M.
The development project will see a number of new shops, restaurant and bars open in the space, as well as the relocation of Signature Living’s head office and 300 staff.
The group’s co-working space, Signature Works, will also move into the new space, with plans being put into place for the creation of a new hotel to cater for 1,000 guests.