110-bedroom hotel sold out of administration

The 110-bedroom Holiday Express Hotel in Castle Bromwich has been sold out of administration to an unnamed consortium of buyers.

The deal was brokered by Matthew Ingram and Allan Watson from Duff & Phelps and Lambert Smith Hampton.

Martin Davis, director of LSH’s specialist Hotel and Leisure team, said: “Despite the dreadful Covid-19 pandemic that has affected us all, this sale was agreed towards the end of March following a full open marketing campaign and has completed within a month. It is encouraging to see that there are still credible buyers with an appetite and the funds to do deals, even at this difficult time.”

Andrew Knowles, director of the restructuring team of Duff & Phelps, said: “We are delighted with the sale delivering a positive outcome for creditors in what is a historically challenging time. We would like to thank our colleagues at Lambert Smith Hampton who worked closely with us to secure this result.”