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News Release

Portland Hall Hotel goes under the hammer in next Jones Lang LaSalle auction


London, 29th November 2011 – Portland Hall Hotel in the market town of Mansfield is available to buy via auction through commercial real estate firm Jones Lang LaSalle on Thursday 1st December.  The detached two storey period building, located on an elevated site totalling approximately 0.39 hectares overlooks the famous Carr Bank Park and provides both restaurant and conference facilities with a further 11 letting rooms.  The guide price is £395.000.

Mat Harris, Auctioneer and Director at Jones Lang LaSalle, commented that: “This property will be a very popular lot due to its attractive position.  Overlooking Carr Bank Park, the Hotel’s edge of town setting positions it about a quarter of a mile north of Mansfield’s town centre with favourable transport links.

Commenting on the market, Jason Birch, Auctions Director at Jones Lang LaSalle, said: “Pricing is key in this current market.  We are witnessing a market where buyers and sellers are meeting in the middle with very positive results.”
For the full property particulars and to view the auction catalogue please visit www.joneslaglasalle.com/property-auctions

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Notes to editors:

• Freehold hotel investment with car parking
• The current rent is set at £78,000 per annum
• Currently let to PH Chain Limited for 7 years from December 2010
• The building comprises of a lounge bar, restaurant (about 60 covers) and function room on the ground floor, with 11 letting rooms above.
• The Jones Lang LaSalle auction is taking place at Le Meriden Hotel, 21 Piccadilly, London, W1J 0BH, Thursday 1st December.  For further information contact Felix Rigg on +44 (0)20 7087 5427 or Jason Birch on +44 (0)20 7087 5463