Fri, 19 Aug 2011 | ADMINISTRATION
A buyer is being sought for Nitenite, the innovative Japanese-style windowless hotel concept, after its parent company recently entered administration.
Located in Birmingham, the unusual 104-bedroom hotel opened to guests in 2006. It is one of the first pod hotels in Britain, featuring bedrooms that mimic the style and feel of luxury yacht cabins.
Though trading well, the business was pushed into administration after experiencing financial problems.
“This is clearly an attractive hotel” Ryan Grant of Zolfo Cooper said, and “ideally located for both business and tourism and with an innovative forward-looking design.”
The hotel is being traded while a buyer is sought. The sale process has started and interested parties are invited to come forward, Mr Grant said.
Jonathan Wren of Colliers International has been hired to manage the sale process for the hotel. It is being sold as a long leasehold, with 125 years starting from 2006.
He said: “The Nitenite Hotel is one of central Birmingham’s most distinctive and popular hotels and, although now in administration, continues to trade successfully and with commendably healthy levels of profit.”
Other attractive features for buyers include its unused space, which can be used to add more bedrooms, and the brand, which could be expanded to other cities.
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LEASEHOLD
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