Thu, 01 May 2014 | COMMERCIAL PROPERTY
The Quay Hotel in Deganwy, north Wales, has been put for sale after its parent company entered administration.
The commercial property is on the market for £7 million and the administrators have stressed the Deganwy Quay Limited, the firm which runs the hotel on a lease arrangement from the parent company, is completely self sufficient. The four star hotel has been put up for sale with JLL Hotels and Hospitality Group, the Daily Post reported today (1 May).
On 19 February this year, David Chubb and David Kelly of PricewaterhouseCoopers LLP were appointed as joint administrators of Albemarle Leisure LLP. Albemarle owns the freehold hotel and spa property and PwC are now looking for sale of the asset to help the company move out of administration.
The Quay Hotel, which comprises 74 bedrooms and suites, will continue to trade as normal while a buyer is sought. The award-winning hotel makes a significant contribution to the local economy; not only does it employ over 70 local people but it also spends around £700,000 each year with local suppliers.
Alistair Greenhalgh, VP at JLL Hotels and Hospitality Group, claimed that the property is already attracting a lot of interest despite being on the market for less than a week. He said: “The Quay is a modern, well-appointed four star hotel that benefits from an attractive marina location which makes it a very appealing investment opportunity.
"Well qualified purchasers have now returned to the hotel market and we are already receiving high levels of interest from hotel owners and operators wanting to acquire this asset. The sale will both protect and safeguard the hotel business.”
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