The Mercer Collection, a portfolio of seven boutique hotels and self-catering cottages across Southsea, has been brought to market through Christie & Co with a guide price of £10.5m.
Established in 2004 by Daniel and Vicki Sutton, the portfolio is the largest collection of privately-owned hotels in Southsea.
There are a total of 53 bedrooms across the well-positioned properties and significant investment has been made into the portfolio since 2018.
Three of the existing hotels have been converted into self-catering cottages in repsonse to the pandemic, with turnover now outperforming levels achieved when they were operated as hotels.
The full portfolio comprises four hotels: Florence House, Florence Gardens, Florence Suites and Somerset House located adjacent to each other with a shared breakfast room/restaurant, reception and bar, along with the three newly-created luxury self-catering cottages: The Clarence, Stattons and Number Four.
The Mercer Collection is on the market on a freehold basis and invites offers in excess of £10,500,000.
Ed Bellfield, regional hospitality director in Christie & Co South team is handling the sale and comments: “The portfolio will appeal to both property investors and hotel operators looking to capitalise on the surge in ‘staycation’ business expected over the summer season within this sought-after coastal location. Historically, the business has generated significant profits for the owner, and the positive recent trading results since the hospitality sector reopened on 17th May indicates this is set to continue.
“There is enormous potential in the business going forward, which is best demonstrated by the current performance of the business, particularly during the summer months when actual takings can double trade. The portfolio is available for sale as a whole although, consideration will be given to cluster or multiple asset sales.”