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DoubleTree Will Reflag Sheffield Park Hotel

News Three hotels in the UK have been sold recently under the administration of CB Richard Ellis Hotels. The properties were owned by Pederson Caterers Ltd. These are Sheffield Park Hotel, Regency Park Hotel in Newbury and Winchester Hotel.

All three properties have been bought by different companies. The new owner of Sheffield Park Hotel is Hotbed, a privately owned firm. It is already announced that the hotel will be rebranded as DoubleTree hotel in Sheffield. This will start operating already this July. The total value of the transaction estimated £4 million. As this 4-star hotel has 95 guestrooms, the buyer has paid £42,000 per key.

The information about other two properties is not so clear. It is known that 108-key Regency Park hotel in Newbury is bought by a wealthy investor from overseas. The buyer has already got a portfolio of hotels in the UK and is going to enlarge it with further acquisitions. The 98-key Winchester Hotel is acquired by Carnarvon Hotels Ltd. The price of the purchase is not known in both cases. Most probably these properties will remain unbranded.

The sale of the abovementioned properties is a good sign of popularity of hotels in the UK among local and overseas investors. This is particularly true before Olympic Games and a series of other important events that will attract many visitors and, thus, strengthen the local market.

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