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15 June 2016 | Hotels

Holiday Inn Luton-South changes hands as deal closes

Acting on behalf of MCAP Global Finance Ltd, specialist business property adviser Christie & Co has announced the sale of the Holiday Inn-Luton South hotel in Markyate.

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This 140- bedroom hotel has been acquired by growing hotel operator Vivek Chadha from Nine Hospitality and is his 11th hotel. His plan is to invest substantial sums in the property, retaining the Holiday Inn branding.

Vivek Chadha commented saying “We are delighted to acquire this highly strategic hotel to add to our growing portfolio and look forward to investing and driving the business forward.”

The hotel is located close to the M1 and was extended in 2000 with an additional 49 bedrooms and leisure facilities. It was rebranded as a Holiday Inn in November 2005 and currently operates as a Holiday Inn under a franchise agreement with InterContinental Hotels Group PLC.

Alex Campbell, Director at Christie & Co said, “After undertaking a competitive sales process with serious engagement from a large number of highly qualified bidders, we are delighted to announce this highly satisfactory outcome for our clients MCAP Global Finance Ltd. There was a high level of competition for the purchase of this hotel, and this caused the asset to be sold in excess of its asking price of £6.85m.

“We wish Vivek Chadha and his team further success with this profitable hotel.”