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Sale is part of the BDL Select Portfolio disposal
LONDON, 15 May 2017 – JLL has advised on the sale of the Best Western Marks Tey Hotel, Colchester, securing an undisclosed sum off a guide price in excess of £5.75million. The hotel was purchased by Mosum Limited, a first-time hotel investor. The 110 bedroom property occupies a site of five acres, has two function rooms, eight conference and meeting rooms, a leisure club with an indoor pool and gym and 140 parking spaces. It is operated subject to a marketing agreement with Best Western. Michael Easton, associate director, JLL’s Hotels & Hospitality Group said: “This was a fantastic opportunity to secure a hotel which is easily accessible to business and leisure travellers by both road and rail. “Having generated good levels of interest we are delighted to have completed the transaction with Mosum and wish them well with their first hotel acquisition.” Kerr Young, director, JLL's Hotel & Hospitality Group added: “The sale of the Best Western Marks Tey completes the first tranche of JLL’s instruction to dispose of the BDL Select Portfolio, which comprised a further three properties. “This latest disposal follows the recent sales of the DoubleTree by Hilton Dundee and Best Western Grosvenor Hotel, Stratford-upon-Avon. We received interest from both domestic and international investors for the three assets and were particularly pleased to have secured two first time buyers.” Shepherd and Wedderburn acted as legal advisers on the sale of all three assets.
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