Dominvs Group, the real estate investment, development and asset management company, has sold a portfolio of three regional hotels to the Thailand based Fico Corporation.
The Holiday Inn Darlington, Holiday Inn Dumfries and the Mercure Sheffield Parkway were sold for an undisclosed price. Dominvs Group was advised by joint agents Christie & Co and JLL, who were marketing the portfolio at a guide price of £12 million.
The Mercure Sheffield Parkway and Holiday Inn Darlington are both owned freehold, while the Holiday Inn Dumfries is held on a long lease. The three hotels provide a total of 229 guest bedrooms and are all situated in central locations with good transport links.
Preet Ahluwalia from Dominvs Group said: “The sale of this portfolio is part of our wider strategy to look for new growth opportunities for our investment portfolio and development pipeline.
“The transaction confirms the appetite from overseas capital to invest in the UK regional hotel market. The fall in Sterling combined with strong trading fundamentals in the UK provides a compelling case for foreign investors.”
Gavin Wright, Director in JLL’s Hotels & Hospitality Group, added: “The sale of this portfolio and the levels of interest we received from investors, highlights the strength of the UK regional hotel market. It is a significant deal post the EU referendum result and shows that overseas capital is still seeing the UK as an attractive destination. All three hotels benefit from being operated by well-known brands and offer stable and steady income.”
Keep up-to-date with the latest developments at Dominvs Group by visiting dominvsgroup.com