t -rvice r tels · 2018-04-04 · events rooms, the on-site cast iron grill restaurant and brew bar...

A COLLECTION OF 5 FULL-SERVICE REGIONAL UK HOTELSAvailable free and clear of current branding and management.

Individual, sub-group or whole group interest is invited.

Project Royale

Christie & Co | Information Memorandum | November 2017 2

Project Royale

Table of Contents

Key Investment Highlights

page 3

The Opportunity - Locations

page 4

Hotel Facilities Overview

page 5

Further Information and Contacts

page 6

Individual Asset Overviews

page 7

General Information

page 27

Disclaimer

page 29


Project Royale comprises a collection of 5 full-service regional UK hotels totalling 589 bedrooms in prominent trading locations. The hotels are available free and clear of the current Marriott branding and management.

5 full-service hotels totalling 589 bedrooms

Available on a whole group, sub-group and individual asset basis

All hotels available free from current branding and management, providing for re-positioning and re-branding opportunities

Extensive asset management and value enhancement opportunities across the hotels

Extensive conference and meeting facilities

Substantial external memberships across the hotels’ health, leisure and golf facilities

Located in prominent and highly accessible locations along major motorway and transport links In 2016, all hotels achieved more than 100% RevPAR index, with three properties achieving RevPAR index in excess of 120%

3 Freehold, 1 Leasehold (Meon Valley, expiring 2071) and 1 part Freehold, part Long Leasehold (Hollins Hall, expiring 2122)

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The Opportunity - Locations

1 Sunderland Marriott Hotel

2 Newcastle Marriott Hotel Gosforth Park

3 Sprowston Manor Marriott Hotel & Country Club

4 Hollins Hall Marriott Hotel & Country Club

5 Meon Valley Marriott Hotel & Country Club

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Hotel Facilities Overview

Hotel Location Post Code Tenure No. of Rooms Food & Beverage

Total Meeting

Space (sqm)

No. Meeting Rooms

Leisure Club

Golf

Sunderland Marriott Hotel Sunderland SR6 8DB Freehold 82 Y 411 5 √ X

Newcastle Marriott Hotel Gosforth Park Newcastle NE3 5HN Freehold 178 Y 1,278 14 √ X

Sprowston Manor Marriott Hotel & Country Club Norwich NR7 8RP Freehold 94 Y 909 11 √ √

Hollins Hall Marriott Hotel & Country Club Leeds/Bradford BD17 7QW

Part FH & LH (2122)

122 Y 460 7 √ √

Meon Valley Marriott Hotel & Country Club Southampton SO32 2HQ

Leasehold (2071)

113 Y 3,731 7 √ √

TOTAL 589 6,789 44

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Further Information and Contacts

A comprehensive data site will be made available to interested parties upon signing of a confidentiality agreement.

Approaches should not be made to the Seller or the individual properties under any circumstances. All enquiries relating to this exceptional opportunity should be directed to:

Primary Contacts

Jeremy JonesHead of Brokerage – HotelsE: [email protected]: +44 (0) 207 227 0755 M: +44 (0) 7764 241 284

Alex CampbellDirector – HotelsE: [email protected]: +44 (0) 207 227 0727M: +44 (0) 7714 138 985

Justin DaviesBroker – HotelsE: [email protected]: +44 (0) 207 227 0711M: +44 (0) 7917 630 318

Regional Contacts

Sunderland Marriott Hotel / Newcastle Marriott Hotel Gosforth Park

Mark WorleyDirector – NewcastleE: [email protected] T: +44 (0) 1912 697 003M: +44 (0) 7791 980 852

Sprowston Manor Marriott Hotel & Country Club

Tim GoodingDirector – IpswichE: [email protected] T: +44 (0) 1473 234 910M: +44 (0) 7712 792 414

Hollins Hall Marriott Hotel & Country Club

David LeeRegional Director – LeedsE: [email protected] T: +44 (0) 1133 892 727M: +44 (0) 7764 241 337

Meon Valley Marriott Hotel & Country Club

Ed BellfieldRegional Director – WinchesterE: [email protected] T: +44 (0) 1962 833 805M: +44 (0) 7713 061 171

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Sunderland Marriott HotelQueens Parade, Sunderland, SR6 8DB

Key Hotel Facts


Located close to Sunderland city centre situated directly on the seafront

Good access to the A1(M) motorway at Junction 65

82 well-appointed en-suite bedrooms

5 conference and events rooms with maximum capacity for up to 300 delegates (theatre style)

Leisure club and swimming pool with external membership

Available free from current branding and management, providing for re-positioning and re-branding opportunities

Freehold

82

Number of bedrooms

5

Number of meeting /conference rooms

Total meeting room area 4,424 sq ft/411 sq m

2017F Total Revenue (£000s) £2,781

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Sunderland Marriott HotelLocationThe Sunderland Marriott hotel is located in close proximity to Sunderland city centre and is accessed via the A183, located approximately 6 miles from J65 of the A1(M) motorway. The property is easily accessible from Sunderland and Newcastle and is just over 20 miles from Newcastle International Airport. Sunderland train station is less than a mile from the hotel, providing direct services to London Kings Cross with a journey time of approximately three and a half hours.

The Sunderland Marriott hotel is situated in a prominent location on the seafront overlooking the sandy beaches at Seaburn, 2 miles north of the city centre, with easy access to The Stadium of Light and The University of Sunderland. Other local attractions include Doxford Park, Alnwick Castle and the Sunderland Empire theatre.

PropertyThe Sunderland Marriott hotel is an 82 en-suite bedroom hotel with 5 conference and events rooms, the on-site Seaburn Bar & Grill restaurant with views out over the sea, and a leisure club comprising a heated indoor pool, sauna, steam room and gym.

The property comprises three storeys over the main building and four storeys over the two wings.

Externally, the hotel provides onsite car parking for up to 90 vehicles.

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MarriottHotel

Sunderland Marriott HotelFacilities OverviewGuest Rooms Quantity

Deluxe (Standard) 59

Superior 14

Double Double 6

Junior Suites 3

Total 82

Meeting & Conference

Number of Rooms 5

Area 4,424 sq ft / 411 sq m

Max Capacity 300

Food & Beverage Covers

Seaburn Bar & Grill 132

Total 132

Other FacilitiesLeisure club – includes a gym, indoor heated swimming pool, sauna & steam room.

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Sunderland Marriott HotelTenureFreehold

Regulatory Details

EPC: The property has an EPC rating of D 89

A full copy of the EPC certificate and report is contained in the data site.

External AreasCar parking is provided for up to 90 vehicles.

Trading Overview The Sunderland Marriott hotel is a strong corporate business hotel due to its easily accessible location near the centre of Sunderland and its excellent nearby transport links. The hotel is used for day and residential conferences midweek by a number of local and regional corporate clients, whilst being a popular weekend leisure and event destination.

Total Revenue for the year end 31 December 2017 is forecast to be £2,781,226.

Detailed trading information will be made available to bona fide parties via the virtual data room upon signing of a confidentiality agreement.

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Newcastle Marriott Hotel Gosforth ParkHigh Gosforth Park, Newcastle upon Tyne, NE3 5HN

Key Hotel Facts

Key Investment HighlightsHighly accessible location in close proximity to the A1(M) motorway, situated directly adjacent to Newcastle Racecourse


Large meeting and conference facilities with a maximum capacity for up to 800 delegates (theatre style)

Large leisure club with wet leisure facilities and substantial external membership

Underutilised vacant office space which can be re-configured to revenue-generating uses

Re-development opportunities of former staff block


Freehold

178

Number of bedrooms

14


Total meeting room area 13,756 sq ft /1,278 sq m


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Newcastle Marriott Hotel Gosforth ParkLocationThe Newcastle Marriot Gosforth Park hotel is set within attractive parkland grounds and is situated in Gosforth which lies approximately 3 miles north of Newcastle upon Tyne city centre. The hotel is accessed via the Great North Road, a busy main road directly abutting the A1(M) which is the main road providing North-South road communications in the North East, and ultimately Northern England with Scotland.

Newcastle International Airport lies within 6 miles of the hotel. The property is 5 miles from Newcastle Central train station, providing direct trains into London Kings Cross with a journey time of approximately three hours. The hotel also sits adjacent to Newcastle Racecourse, another demand generator for the business.

The hotel is within easy access of Newcastle city centre, and local attractions such as The Sage building at Gateshead, Alnwick Castle, Hadrians Wall and the Northumberland coastline.

PropertyThe Newcastle Marriott Gosforth Park hotel is a 178 en-suite bedroom hotel with extensive conference and events rooms, the on-site Cast Iron Grill restaurant and Brew Bar Lounge, and a leisure club comprising a heated indoor pool, sauna, steam room and gym. The property was purpose-built in 1996 and comprises five storeys.

A former staff block, located to the rear of the hotel, is situated over ground plus one upper floor and offers some re-development opportunities. Externally, the hotel provides onsite car parking for up to 300 vehicles and has external tennis courts.

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Newcastle Marriott Hotel Gosforth ParkFacilities OverviewGuest Rooms Quantity


Double Double 4

Executive 26

One Bed Suite 5

Total 178


Number of Rooms 14

Area 13,756 sq ft /1,278 sq m

Max Capacity 800 (Grandstand room)


Cast Iron Grill 120

The Brew Bar Lounge 90

Total 210

Other FacilitiesLeisure club including indoor heated swimming pool, sauna & steam room

Two external tennis courts

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Newcastle Marriott Hotel Gosforth ParkAncillary Properties There is a two-storey detached property adjacent to the main building which was formerly used as staff accommodation. It is currently used for storage.

TenureFreehold

Regulatory DetailsEPC : The property has an EPC rating of D 79

A full copy of the EPC certificate and report is contained in the data room.


Trading OverviewThe Newcastle Marriott Gosforth Park hotel is primarily a corporate-focused hotel due to its extensive meeting and event space and highly accessible location. The hotel is also popular on the weekend for leisure guests visiting the city, nearby racecourse or for other sports and leisure activities.



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Wroxham Road, Norwich, NR7 8RP

Key Hotel Facts

Key Investment HighlightsSet in an attractive 150-acre woodland estate close to Norwich city centre

Traditional original manor house with 94 well-appointed en-suite bedrooms

11 conference and events rooms which can cater for up to 500 delegates (theatre style)

Trades well in the leisure sector

Extensive leisure facilities

18-hole championship golf course with comprehensive facilities


Freehold

94

Number of bedrooms

11


Total meeting room area 9,784 sq ft / 909 sq m



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LocationSprowston Manor Marriott hotel is situated approximately 3.5 miles north east of Norwich city centre on the Wroxham Road (A1151), which runs north east from Norwich linking with the A149 to the coastal destinations of Great Yarmouth and Cromer. Close to the entrance of the hotel is a Park & Ride providing convenient access into and out of the city centre by bus. The hotel has excellent communication links, just under 4 miles from Norwich Airport and 4 miles west of Norwich train station, offering regular, direct trains in to London Liverpool Street station with a journey time of approximately two hours.

Ideal for leisure guests, this attractive resort hotel is 4 miles from Norwich Castle and 6 miles from the Sainsbury Centre for Visual Arts, occupying a prominent roadside location close to the Norfolk Broads National Park and within easy reach of the popular North Norfolk coastline.

PropertySprowston Manor Marriott Hotel & Country Club is housed within a former stately manor, which in part dates back to the 16th Century (although not listed), and is set in 150 acres of Norwich countryside. The hotel is a 94 en-suite bedroom hotel offering 11conference and events spaces, the on-site Cast Iron Bar & Grill restaurant, the Zest Café Bar housed in a detached building, and extensive leisure facilities comprising a heated indoor pool, sauna, steam room and spa.

The property also offers an 18-hole championship golf course and several out buildings. There is a pro golf shop and a 20 bay driving range which make up the Golf Centre, which was opened in 2001 by Ian Woosnam.



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Facilities OverviewGuest Rooms Quantity


Double Double 30

Four Poster 6

Studio 13

Suite 1

Total 94


Number of Rooms 11


Max Capacity 500


Cast Iron Grill restaurant 70

Zest Cafe Bar & Grill 90

Bar / Grill 45

Total 205

Other FacilitiesWet leisure to include indoor heated swimming pool, sauna & steam room

Spa

18-hole Golf course (6,547 yards)

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TenureFreehold

Regulatory Details

EPC : The property has an EPC rating of C 59



Trading Overview Given the hotel’s location it is primarily a leisure based hotel with the benefit of substantial conference demand. The hotel’s location within easy reach of Norwich city centre and golf facilities means it is a popular leisure destination at weekends and also a popular wedding venue.




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Hollins Hall Marriott Hotel & Country Club Baildon, Shipley, Bradford, BD17 7QW

Key Hotel Facts

Key Investment HighlightsSituated in 200 acres of landscaped grounds approximately 5 miles north of Bradford


7 conference and events rooms catering up to 200 delegates (theatre style)

Strong leisure business base – 1,250 external members

Wet leisure facilities including a heated indoor pool and spa

18-hole championship golf course and driving range


Part Freehold and part Long Leasehold

122

Number of bedrooms

7




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LocationHollins Hall Marriott Hotel & Country Club is situated in Baildon, a village located 5 miles north of Bradford and 9.5 miles northwest of Leeds city centre. Other nearby towns include Shipley to the south and Keighley to the west.

The hotel provides excellent communication links, just over 4 miles from Leeds Bradford Airport. Leeds train station is less than 12 miles away, offering regular, direct trains into London Kings Cross station with a journey time of approximately two and a quarter hours.

Ideal for leisure guests, this upscale golf hotel offers local attractions such as the Yorkshire Dales National Park, the Salts Mill Art Gallery and the World Heritage site of Saltaire village.

PropertyHollins Hall Marriott Hotel & Country Club is situated in 200 acres of landscaped grounds in the West Yorkshire countryside. The hotel is a 122 en-suite bedroom hotel offering 7 conference and events rooms, the on-site Cast Iron Bar & Grill restaurant and Zest Café Bar, and extensive leisure facilities comprising a heated indoor pool, sauna, steam room and spa. The property also offers an 18-hole championship golf course and several out buildings.



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Double Double 29

Superior 10

Four Poster 4

Suite 1

Total 122


Number of Rooms 7


Max Capacity 200


Cast Iron Bar & Grill 125

Zest Cafe Bar 96

Total 221

Other FacilitiesWet leisure to include indoor heated swimming pool, sauna & steam room

Spa

18-hole Golf course (6,671 yards)


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TenurePart Freehold and part Long Leasehold. The Leasehold demise is related to the golf course for a 125 year term from 1997 (104 years unexpired). Passing rent is £7,875 per annum.

Regulatory DetailsEPC : The property has an EPC rating of C 60

A full copy of the EPC certificate and report is contained in the data room


Trading Overview Hollins Hall benefits from a strong midweek corporate business, drawing corporate customers from the local conurbations of Leeds and Bradford as well as further afield. The leisure and golf facilities result in the business being a popular leisure break destination and a base for people to explore Yorkshire’s attractions.




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Meon Valley Marriott Hotel & Country Club Sandy Lane, Shedfield, Southampton, SO32 2HQ

Key Hotel Facts

Key Investment HighlightsAttractive location close to Southampton and the New Forest

Set in 225 acres of attractive grounds


An 18-hole championship golf course and a 9-hole course

Extensive leisure facilities with substantial external membership – 800 members


Leasehold (expiring 2071)

113

Number of bedrooms

7




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LocationStrategically located between Portsmouth and Southampton, Meon Valley Marriott Hotel & Country Club has extensive grounds yet enjoys excellent motorway connections close to the M3 motorway and only one hour from London. The hotel is located on the north side of the A334 between the villages of Wickham and Botley. The surrounding area is predominantly rural, and benefits from accessibility to the surrounding A334 motorway and road infrastructure yet retaining its tranquil rural setting.

The hotel provides excellent communication links, just over 10 miles south-east of Southampton Airport and 37 miles north-east of Bournemouth Airport. Southampton Central train station is less than 7 miles away, offering regular, direct trains into London Waterloo station with a journey time of approximately one and a half hours.

Ideal for leisure guests, this upscale golf hotel offers local attractions such as Winchester Cathedral, the New Forest and Peppa Pig World.

PropertyMeon Valley Marriott hotel is situated in approximately 225 acres of grounds in the Hampshire countryside. The property is a 113 en-suite bedroom hotel, with 7 conference and events rooms, the on-site Broadstreet restaurant and Zest Café Bar, and extensive leisure facilities comprising a heated indoor pool, sauna, steam room and spa. The property also offers a 9-hole course and an 18-hole championship course as well as several out buildings, including a self-contained staff block.



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Double Double 51

Suite 26

Total 113


Number of Rooms 7


Max Capacity 120


Broadstreet Restaurant 92

Zest Bar 80

Total 172

Other FacilitiesExtensive leisure facilities to include indoor heated swimming pool, sauna & steam room

Spa with 4 treatment rooms

An 18-hole championship golf course (9,339 yards) and a 9-hole course


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TenureThe property is held subject to three leases, all expiring 31 December 2071.

Further detail on the leases are contained within the virtual data room. The passing rent is £250K per annum.

Regulatory DetailsEPC : The property has an EPC rating of D 86



Self-contained staff block.

Trading Overview Given Meon Valley Marriott hotel’s location it is primarily a leisure based hotel business. The hotel’s countryside location and golf facilities means it is a popular leisure destination at weekends and also a popular wedding venue, holding in excess of 32 weddings per annum.




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Basis of SaleThe preferred method of sale will be by way of a company share transfer. Further detail on the individual company structures can be found in the virtual data room.

PricePrices are available upon request.

Inventory and StockFixtures, fittings and equipment are included in the sale with general stock at valuation.

ServicesWe understand the hotels have mains electric and water.

LicencesThe hotels all have Premises and Civil Wedding licences.

TUPEThe purchaser will be required to comply with the relevant legislation in respect of current employees.

General Information

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Rateable Values1. Sunderland Marriott Hotel

£214,000

2. Newcastle Marriott Hotel Gosforth Park

£496,000

3. Sprowston Manor Marriott Hotel & Country Club

£480,000

4. Hollins Hall Marriott Hotel & Country Club

£394,000

5. Meon Valley Marriott Hotel & Country Club

£493,000

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VATShould the sale of any of the properties or any right attached to them be deemed a chargeable supply for VAT purposes, such tax will be payable by the purchaser in addition to the sale price.

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Disclaimer

These sales particulars are prepared as a general guide to the property (which expression includes business and trade content, if any, included in the sale) for the convenience of a prospective purchaser (an “Acquirer”) and are intended for business people familiar with commercial transactions. If you are not sure that you fit this description you should take relevant independent advice before proceeding further. Christie & Co for themselves and for the Client, give notice that: (a) these particulars are made without responsibility on the part of Christie & Co or the Client; they do not obviate the need to make appropriate searches, enquiries and inspections, nor do they constitute any part of an offer or contract, and statements herein are not to be relied upon as statements or representations of fact; any Acquirer must satisfy himself, by inspection or otherwise, as to their correctness and any error, omission or mis-description therein shall not affect or annul the sale or be grounds for rescission or compensation; (b) the Client does not make or give, and neither Christie & Co nor any of their employees has any authority to make or give, any representation or warranty whatsoever in relation to the properties; (c) Christie & Co has not carried out a detailed survey, nor tested the services, appliances and specific fittings; (d) dimensions (where given) are approximate and should be verified by an Acquirer; and (e) any accounts or financial statements or registration information provided to an Acquirer are provided on behalf of the Client by Christie & Co, who cannot therefore offer any guarantee of their completeness or accuracy, and accordingly shall not be liable for any loss, damage, cost, expenses or other claims for compensation arising from inaccuracies or omissions therein. These details were believed to be correct at the date of publication but their accuracy is not guaranteed. Subject to contract. Copyright Reserved Christie & Co. November 2017.

CONDITIONS OF CHRISTIE & CO’S INFORMATION

christie.com

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t -rvice r tels · 2018-04-04 · events rooms, the on-site cast iron grill restaurant and brew bar...

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