Hotels group puts businesses up for sale
EAST Anglia-based hotels group Elizabeth Holdings has put seven of its businesses up for sale, with asking prices totalling more than £12million.Specialist hotel, licensed and leisure sector agent Fleurets has been appointed to sell two hotels on a freehold basis and to let five others in which Ipswich-based Elizabeth Holdings plans to retain the freehold interst.
EAST Anglia-based hotels group Elizabeth Holdings has put seven of its businesses up for sale, with asking prices totalling more than £12million.
Specialist hotel, licensed and leisure sector agent Fleurets has been appointed to sell two hotels on a freehold basis and to let five others in which Ipswich-based Elizabeth Holdings plans to retain the freehold interst.
The two hotels for sale freehold are the Hotel Elizabeth at Rockingham, near Corby, Northamptonshire, and the North Euston Hotel in Fleetwood, Lancashire.
The Hotel Elizabeth Corby, which has 71 letting rooms and seven conference suites, has produced average earnings before interest, tax, depreciation and amortisation (EBITDA) over the last four years of £545,000 and is being marketed off an asking price of £5.72million.
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The North Euston Hotel, which has 53 en-suite letting rooms and a food and beverage trade, together producing an EBITDA of around £600,000, is being marketed with an asking price of £5.6million.
The hotels being marketed on a leasehold basis include the 50 bedroom Hotel Elizabeth at Great Yarmouth, which is being offered at a premium of £185,000, at the 40-room Star Hotel, also in Yarmouth, carrying a premium of £195,000.
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Also available leasehold are the 32-bedroom Hatfield Hotel in Lowestoft, with a premium of £195,000, the 26-room Arties Mill Hotel at Castlethorpe, Lincolnshire, with a premium of £250,000, and the 22-room Phoenix Hotel at Dereham, Norfolk, with a premium of £165,000.
Bob Whittle from Fleurets' Sudbury office said: “We are delighted to be handling the sale of these assets on behalf of Elizabeth Holdings, a long established client of Fleurets.
“All of the businesses generate a good level of turnover and profit and are being sold or let, as going concerns, which should appeal to experienced operators.”
Elizabeth Holdings currently owns a total of 16 hotels and inns. Its other properties, not involved in the sale process, include the Hotel Elizabeth at Copdock, near Ipswich, the Orwell Hotel, Felixstowe, the Mill Hotel, Sudbury, the Wherry Hotel, Oulton Broad, the King's Head Hotel, Beccles, and the Limes Hotel, Needham Market.