Isle of Wight hotel sold to Caledonian Leisure, bringing to a close the sale of 33 Coast & Country hotels
On behalf of Coast & Country Hotels, specialist business property adviser Christie & Co has announced the sale of Broadway Park Hotel in Sandown, on the Isle of Wight.
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Dating back to 1870 and originally built as a family residence, Broadway Park opened as a hotel in the early 1960’s and contains 106 guest bedrooms, along with extensive function and event facilities, including a ballroom, lounges, and a restaurant, all set within private landscaped grounds.
The hotel has been purchased by Caledonian Leisure, one of the UK’s leading award-winning tour operators, and is the company’s sixth acquisition from Coast & Country Hotels.
David McDonald, Finance Director at Caledonian Leisure, commented, “We are delighted to welcome the newly renamed Caledonian Island Hotel to our growing Caledonian Hotel Collection. We would like to thank Jeremy and the wider Christie & Co team for their support as we acquire our sixth hotel, all acquired with Christie & Co.”
The sale of Broadway Park Hotel marks the 33rd and final hotel sold by Christie & Co on behalf of Coast & Country Hotels. The portfolio represented 2,664 bedrooms from as far north as the Scottish Highlands down to the south west coast. The hotels have been purchased by a range of established regional and national hoteliers, as well as international buyers from as far afield as Singapore, Pakistan, and the Middle East.
Jeremy Jones, Director – Head of Hotel Brokerage at Christie & Co, project managed the transactions and commented, “The sale of Broadway Park Hotel is a most satisfactory conclusion to the Coast & Country project. The Christie & Co team were able to run a number of transactions in parallel with the assistance of Bespoke Hotels, the incumbent managers of the hotels, as well as the team at Wallgate Asset Management with CMS undertaking all legal support.
“A large proportion of the purchasers were fully cash-funded, with the remainder able to secure competitive loans from a variety of both traditional and alternative lenders. By being flexible in our approach to the breakup of the group, we have been able to maximise sales proceeds.”
For further information on this press release, contact:
Jasmine Davis, Corporate Communications Manager
P: +44 7561 115179
E: jasmine.davis@christie.com
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