Acting on behalf of the Joint Administrators of SGL1 Limited, (Matthew Ingram and Allan Graham from Duff & Phelps), our specialist Hotel and Leisure teamhas sold the freehold ground rent investment in the 110 bedroom Holiday Inn Express Hotel at Castle Bromwich, Birmingham to a consortium of buyers who have acquired the Ground Rent investment for an undisclosed sum.
The hotel was built in 1999 and refurbished in 2014, at which point it was re-branded as a Holiday Inn Express. The hotel is conveniently situated next to junction 5 of the M6 motorway and approximately 7 miles from Birmingham City Centre.
Martin Davis, Director - Hotels and Leisure, commented:
“Despite the dreadful Covid-19 pandemic that has affected us all, this sale was agreed towards the end of March following a full open marketing campaign and has completed within a month. It is encouraging to see that there are still credible buyers with an appetite and the funds to do deals, even at this difficult time.”
Andrew Knowles, Director of the Restructuring team of Duff & Phelps, commented:
“We are delighted with the sale delivering a positive outcome for creditors in what is a historically challenging time. We would like to thank our colleagues at Lambert Smith Hampton who worked closely with us to secure this result.”
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