Thu, 01 Aug 2013 | ADMINISTRATION
A Japanese 'pod' style hotel in Birmingham has been bought out of administration by a local entrepreneur.
Harj Mattu purchased the NiteNite hotel, rescuing it from 18 months in limbo after its parent company NiteNite Holdings entered administration due to debts of over £3 million.
For the buyer, the hotel presents a chance to work on previous successes within the market. He said: “When I saw that Nitenite was on the market I knew it was a great opportunity to grow the brand and concept and expand into similar cosmopolitan cities across the UK and Europe.”
Mr Mattu added that he has seen “a real shift” in the hotel market with a trend away from full service offerings and towards more 'pod' style rooms.
NiteNite was one of the first of this kind of hotel, putting it in a strong position to expand on its reputation, although it looks to be in need of some investment to bring it back up to date. The new owner is planning on investing £1 million in refurbishing the hotel facilities; this will include a complete reworking of the lobby and reception area.
The purchase will protect over 20 jobs and it looks set to create new roles over the coming months as the company grows.
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Related information:
A buyer's guide to hotels for sale in the UK
Oakley Hotel to be sold out of administration
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