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Sheffield’s Quays Hotel sold off £10m guide price | Article

Sheffield’s Quays Hotel sold off £10m guide price | Article

Sheffield’s Quays Hotel and adjacent multi-story car or truck park has been bought off a tutorial price tag of £10m to Canadian head-quartered Northland Properties Corporation, the guardian business of numerous hotel chains, restaurants and sports activities groups, founded in 1963 and owned by the Gaglardi household.

Brought to market place on behalf of Furnival Quay Ltd, the 128-bedroom goal-created lodge, which occupies a a few-acre internet site, experienced beforehand traded as just one of Hilton’s core-branded, four-star British isles houses.

Subsequent a strategic critique of the organization executed by Christie and Co’s consultancy workforce, who managed the sale, like an operator search and collection process, Legacy Lodges ended up appointed to reopen the hotel which was rebranded in 2020 as a Very best Western Plus.

Northland presently operates 3 motels in the United kingdom underneath its Sandman Signature brand in Aberdeen, Newcastle and Gatwick with a amount of new locations presently in negotiation and less than consideration.

Dale Fixter, on behalf of Furnival Quay Ltd, reported: “As professional, regional developers and buyers, we acquired the former Hilton hotel and adjacent MSCP with a check out to possibly redeveloping all or part of the web site offered it was a developing of about 100,000 sq ft on a 3-acre site shut to the town centre.

“Together with the Christie and Co workforce and Legacy Resorts, we labored via a selection of situations and the competitive bidding attained for the residence validates our determination to continue with the sale to a extensive-time period operator with significant operational abilities.”

Mitch Gaglardi of Northland Qualities included: “The acquisition of the Quays Lodge is a strategic one for our team as we glimpse construct our British isles platform. The in depth real estate plays to our enhancement skills and we search forward to showcasing the upcoming Sandman Signature pursuing the significant programme of investment decision we envisage staying carried out in because of course.”

Jeremy Jones, head of Hotel Brokerage at Christie and Co, concluded: “The need for superior top quality, freehold provincial resorts with further more opportunity for improvement stays strong, with competitive fascination from a wide range of corporate operators becoming produced in this distinct occasion.”