Tue, 01 Feb 2011 | BUSINESS SALE
A Belfast-based hotel has been put up for sale following the administration of its owners.
Highways Hotel in Larne was previously owned by Sonah (NI), a property firm which was placed into administration in October last year following growing debts of more than £1 million. The hotel ceased trading in July of last year.
The three-storey, 36-bedroom Highways Hotel has been put onto the market by administrators KPMG, with an asking price of £800,000. KMPG is hoping to recoup some of the debts the hotel owes to creditors, including drinks firm Diageo, which had loaned the firm £300,000 by way of a mortgage over the hotels' lease and drinks licence.
Commercial property agents Osborne King reported that the hotel was in 'good condition, requiring only some redecoration.'
However, kitchen equipment and fittings have already been removed and are not included in the sale. Alongside its 36 bedrooms, the hotel also has two conference rooms, restaurant, bar and a function room which can hold 400 people.
Osborne King also said that the hotel's 'prominent situation and location' could make it the ideal development project for a prospective buyer, who could turn it into a nursing or care home.
Osborne King also recently sold the former O’Neill Arms in Toomebridge, which was one of a group of hotels previously owned by the defunct McLarnon group. The hotel, which has been reopened as the White River Hotel, was acquired by Camden Group for £750,000.
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