Colliers International has sold three hotel properties in one week, as buying interest starts to pick up again following the coronavirus pandemic.
The latest deal is the sale of the 31-bedroom The Angel and Royal Hotel in Grantham, sold off a guide price of £1.75m on behalf of owners Ashdale Hotels, which has the decision to rationalise its hotel portfolio ownership.
The hotel has been acquired by experienced hotelier Dean Harrison who will now carry out a refurbishment.
The sale follows the sales by Colliers of two other hotels this week; the 15-bedroom George hotel in Easingwold, North Yorkshire and coaching inn, The Bull Hotel in Burford, Oxfordshire.
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.”
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.