Bowling Green Asset Management is delighted to announce it has acquired the 115 room Holiday Inn, Kenilworth, Warwickshire for ￡10.4 million
BGAM has concluded their first hotel purchase of 2017, pushing forward with their strategy to expand branded hotel holdings. The 115 room hotels, benefits from a Marco’s New York Italian, by Marco Pierre White and a Starbucks café on site.
The hotel has been undergoing a period of renovation, that will improve the guest experience and BGAM intends to invest and continue this.
The purchase represents an initial yield of 9.5%, with the possibility of an improved EBITDA though expansion. Planning has been achieved for an additional 17 rooms. The Purchase price was ￡10.4 million.
BGAM is keeping the current management team in place, as well as all current employees.
BGAM directors (Jamie Levy, Jonny Levy, Lloyd Becker & Nicholas Rubin) commented:
“This is a strategic purchase within an exciting sector, that has significant opportunity for revenue growth. Following this successful purchase the team will continue to focus their efforts in expanding within the hotel sector.”
Hospitality Impact Management
7 年I can beat that Andrew - this is where I started my hospitality career in 1968 when it was privately owned by the original De Vere group, prior to Greenall Whitley purchasing the group. 6 day week, minimum 2 services per day, Live in, all for a princely sum of 3 Guinea per week - Happy Days and a fantastic grounding under the leadership of my mentors Arnold Perl and David Selby.
Hotelier with luxury overseas experience in Dubai, South Africa and Malaysia, as well as UK GM roles in such wonderful properties as Brown's, Slaley Hall and The Grand Brighton.
7 年I was Deputy GM there in 1989 for De Vere. I guess it has changed somewhat since then...
Acquisition Director | Managing Acquisition Team | Acquiring long-term empty and problematic property nationwide
7 年Well done and good luck with this 'Roperty' venture!
Corporate partner at gunnercooke llp; Non exec director Consultantcare Ltd
7 年A great start - good luck!
Head of Acquisitions
7 年well done BGAM!