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Properties sold for undisclosed sum off a guide price of £23million
London 2 August 2017 - JLL's Hotels & Hospitality Group has sold the Lea Marston Hotel and The Abbey Hotel to Michels Ventures 2 Limited for an undisclosed sum off a guide price of £23million.
The Lea Marston Hotel, North Warwickshire and The Abbey Hotel, Worcestershire provide a total of 216 bedrooms (117 and 99 respectively) and are set in excess of 210 acres of land. The properties benefit from significant meeting space, leisure facilities as well as three golf courses, including the Championship standard Abbey Golf Course.
The purchase follows Michels Ventures first acquisition of the Cheltenham Park Hotel in 2015. The fund is headed by Sir David Michels and both hotels will be managed by Michels & Taylor.
Gavin Wright, Director, JLL's Hotels & Hospitality team said: "This was an exceptional opportunity to acquire a portfolio of award winning 4 star purpose-built hotels in central England. We are pleased to have secured new owners for both hotels following the owners plan to retire after 25 years of ownership.
"Prime locations combined with the hotels established leisure, conference, wedding and banqueting business proved hugely attractive to investors and as a result interest levels were very high. The interest is reflective of the current significant demand from both domestic and overseas buyers seeking good quality regional hotels".
JLL, Shoosmiths and Smith Cooper advised the Blake family (RSM Leisure Limited) throughout the transaction.
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