Thursday, September 15, 2016

News: Far East investors snap up Parkway hotel

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A Joint Venture between Asian investors Fico Corporation and Singha Estate has snapped up the Mercure Sheffield Parkway hotel in Rotherham for an undisclosed sum.

Joint agents Christie & Co and JLL advised Dominvs Group on the off market sale of a portfolio of three branded regional UK hotels - The Holiday Inn Darlington, Holiday Inn Dumfries and the Mercure Sheffield Parkway - which have been sold off a guide price of £12m.

Based on the part of the Sheffield Business Park which falls under the Rotherham borough boundary, the 78 room hotel was built in 2008 at a cost of £5.7m and has previously operated under the Aston Hotel brand. It has recently retained its 4-star rating following an audit by the Automobile Association (AA).

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The disposal of the freehold by Dominvs Group forms part of their wider strategy to look for new opportunities to grow their established going concern portfolio and development pipeline.

Agents believe that the sale indicates the continued appetite from overseas capital to invest in the UK regional hotel market supporting recent evidence of overseas buyers seeing the combination of the fall in sterling and strong UK trading fundamentals as a compelling investment case.

Fico Corporation is a diversified group based in Thailand and own a number of hotels worldwide, including branded hotels in the UK. Singha Estate is an operator in investment and real estate development and is also based in Thailand.

Gavin Wright, director in JLL’s Hotels & Hospitality Group, said: "This is a significant deal post the EU referendum result. All three hotels benefit from being operated by well-known brands and offer stable and steady income."

Jeremy Jones, head of hotels brokerage for Christie & Co, added: “This portfolio sale follows on from a number of recent high profile sales processes. It is further evidence of the appetite from both domestic and overseas buyers for good quality regional UK hotel assets."

Mecure Sheffield Parkway website

Images: Mecure Sheffield Parkway


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