Historic Hotel in Shrewsbury acquired by Thai investor
The 59 bedroom Lion Hotel in Shrewsbury, Shropshire has been sold in a deal brokered by specialist property adviser Christie + Co.
The FICO Corporation, a well established diversified Group from Bangkok, Thailand has acquired the hotel for an undisclosed sum.
With its roots in manufacturing and textiles, Fico Corporation’s current business activities extend to luxury retail, trading, construction, commercial real estate, and hotel development. Fico currently owns 20 operating hotels, 3 Commercial Office Buildings and 5 under development projects spanning across Thailand, Germany and UK
Perched proudly at the top of Shrewsbury's Wyle Cop, the 16th Century Grade I Listed Lion Hotel has preserved much of its original architectural splendour and offers a number of spectacular function rooms, including the magnificent domed Adam Ballroom. It is reputed that Charles Darwin stayed at the hotel before setting off on HMS Beagle where he developed his theory on the origins of species.
Duff & Phelps instructed Christie + Co to market the property having been appointed Trustees of the estate.
Krit Srichawla, CEO Fico Corporation commented: ""We are delighted to announce the latest strategic addition to Fico Group’s expanding portfolio of Assets beyond our home base. He added that Group was looking at the opportunities in Europe and this portfolio will help strengthen the group’s core hospitality business.""
Sanjay Singh, Managing Director of Fico Corporation added that “This acquisition is carefully planned diversification move designed to expand our portfolio of hotels to a dynamic UK market.
Gavin Wright, Director at Christie + Co’s Birmingham office handled the sale. He comments: “We are delighted to have secured a sale with an investor who is keen to keep the Lion Hotel operational and refurbish the property. I am sure FICO will be able to bring a lot back to Lion Hotel and make it very successful. The sale of the hotel demonstrates there are a number of overseas investors with a keen appetite to acquire hotel assets in the UK.”
Christie Finance, the sister company of Christie + Co assisted the new owners with arranging specialist funding for the deal. David Ward, Director at Christie Finance remarks: “Financing the Lion Hotel proved a very interesting challenge, but with our assistance and expertise we were able to source the right lender and demonstrate to them effectively the buyer’s experience and goals. This deal is a clear example that with counsel from the right broker, finance is very much available.”