Tuesday, June 16, 2015

News: Rotherham hotel sold

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The new owner of the Welcome Inn hotel in Rotherham is looking forward to developing the business after buying the property out of administrative receivership.

The Rotherham Superbowl bowling alley, Oasis Health Club and adjacent 52-bedroom budget hotel in Kimberworth were part of a larger portfolio of property veteran Keith Brown. In June 2014, Lyn Vardy & Toby Underwood of PricewaterhouseCoopers LLP were appointed Joint Administrative Receivers of Keith Brown Properties (Hull) Limited to manage its affairs, business and property as its agents with the businesses continuing to operate throughout.

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Specialist property adviser Christie + Co said that significant interest was generated in this purpose-built freehold property resulting in multiple bids well in excess of the guide price, culminating in the sale to London based Morar Hospitality Ltd, the first sale of the property since opening in 2004.

The freehold of the hotel was given a guide price of £795,000 but a buyer is yet to be found for the adjacent health club and bowling alley.

Jay Patel, director of Morar Hospitality, said: "The Welcome Inn enjoys an excellent main road location close to Rotherham town centre and is easily accessible to both Meadowhall and Sheffield Arena. We very much look forward to developing the business going forward and were pleased with the assistance provided by assistance provided by Jawad Anjum of Christie Finance in securing the necessary funding to complete this transaction."

Jon Patrick, head of Leisure & Development at Christie + Co, added: "The sale of the Welcome Inn attracted unprecedented levels of interest from across the hospitality sector with competitive bidding and multiple viewings by interested parties attracted to its simple format of operation comprising bedroom-only sales.

"We anticipate being able to report further sales from the portfolio in the coming months and have been encouraged by the considerable interest shown from a variety of potential purchasers."

Welcome Inn website
Christie + Co website

Images: Welcome Inn

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