Thu, 04 Apr 2013 | BUSINESS SALE
The Holiday Inn Express in Dundee has been sold to Birmingham-based Cannock Investment, in partnership with hotel developer and investor Hetherley Developments.
A £4.4 million price tag was placed on the building last year, but the eventual sale price has not been revealed. However, it is known that Cannock was not the only bidder and a number of other offers were put on the table.
Stephen Bantoft, chairman of Cannock, told the Dundee Courier: “Dundee has a very positive inward investment story and we are confident the hotel will provide strong returns.”
He added: “We are very confident for 2013 and hope to build on what has been an extremely good start for Hetherley.”
Glasgow-based Saltire Leisure was the previous owner of the 7,500 sq ft leisure building, which includes restaurant and retail space in addition to the 95-room hotel. But the company entered administration last year and while the companies occupying the site continued to trade unaffected, a sale was required.
Dundee's hospitality sector has seen a fair deal of activity in recent months, including the opening of a new Malmaison leasehold hotel in September as part of the company's expansion plans.
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