Belgian investor buys Liverpool Novotel
BRUSSELS-based investor Algonquin has acquired the Novotel in Liverpool’s Hanover Street for around £13m.
The 209-bed hotel was first put on the market in 2012 by Pedersen Hotels at £18m.
Ireland’s “bad bank”, the National Asset Mangement Agency (NAMA), then appointed administrators from London firm Chantrey Vellacott to its ownership vehicle Pedersen (Liverpool) as well as the companies running hotels in Ealing and Bromsgrove.
The four-star Novotel has continued to trade under a lease agreement with French operator Accor which runs for another 10 years.
David Oprey, partner and restructuring specialist at Chantrey Vellacott, said: “There was very strong interest in the hotel, as there was in the properties in Ealing and Bromsgrove, and securing sales in excess of the combined asking prices of £30m is a very good result for the secured lender.
“We expected the bidding process for each of the hotels to be competitive as they are all well run and generated profits. We were appointed as the Pedersen companies appeared to have been unable to service the level of debt finance owed. The sales have reflected the underlying profitability of the hotels and secured the future of three viable businesses.”
Robert Stapleton, director of hotel, leisure & trading at Savills which marketed the property, said: “We received significant buyer interest in
this hotel due to its strong trading location in central Liverpool and its impressive operating performance. We are delighted to have secured such a strong price for our client, which significantly exceeds the original guide price of £12.3m, and further demonstrates the investment markets’ growing interest in UK regional centres.”
The 12-storey hotel is close to Liverpol One and has a restaurant, bar, swimming pool, sauna and gym.
