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News Release

Manchester

Holiday Inn Express Channel Tunnel Folkestone acquired by Cannock Investments and Hetherley Capital Partners


Manchester, 02 June, 2014 - JLL has sold the Holiday Inn Express Channel Tunnel for an undisclosed sum to Cannock Investments and Hetherley Capital Partners.

The purpose-built hotel has 100 guest bedrooms and three meeting rooms and was originally opened in 2008. The hotel enjoys strong year-round demand and a unique position as the closest hotel to the Eurotunnel Terminal, which itself generates significant accommodation demand. The new owners have appointed InterState Hotels & Resorts to operate the hotel under a management agreement with the property remaining under the Holiday Inn Express flag.

Stephen Bantoft of Cannock commented: “For our investors this was another excellent opportunity to acquire a high-quality, branded limited-service hotel; this time with the benefit of an excellent location next to the Channel Tunnel. The UK Provincial hotel remains competitive but assets in good locations with strong brands will always remain attractive.”

Charles Scudamore of Hetherley, added: “The acquisition of the Holiday Inn Express Channel Tunnel complements nicely our other acquisitions in Dundee and Leeds last year. We recognise a significant opportunity to improve the underlying capital value of the hotel through improved performance and look forward to working with the hotel management team to achieve this.”
The acquisition represents the third such deal completed by Cannock and Hetherley in the past 12 months as they continue to build towards a balanced portfolio of branded limited-service hotels in the UK.

Alistair Greenhalgh, Vice President of Hotels and Hospitality at JLL in Manchester, said: ‘The sale of the Holiday Inn Express Channel Tunnel reflects the significant increase in demand which we have experienced for hotel property in the first half of 2014. There is particular interest in hotels such as this one which already operate under an international brand, yet where vacant possession provides flexibility in terms of future management.
Debt for the acquisition was provided by sector specialist lenders at NatWest Commercial Banking.​