London & Regional has purchased the Holiday Inn Express Channel Tunnel Folkestone from Stellar Asset Management.
The 100-bed hotel, which was refurbished in 2018 to IHG’s Holiday Inn Express Generation 4 standard, was being sold with a guide price of £8,500,000. It features a restaurant and bar, an external decked terrace area, four modern meeting rooms and on-site parking for approximately 90 vehicles.
The hotel, which sits on a 1.1-acre site, is located half a mile from the Eurotunnel Terminal and has been sold subject to a franchise agreement with IHG and free from management to London & Regional, which will incorporate the asset into its Atlas portfolio.
David Stein, investment manager at Stellar Asset Management said: “We are pleased to complete on the sale of Holiday Inn Express Folkestone. Since acquiring the asset in 2015, we have enhanced the asset’s performance consistently with the help of an excellent hotel team. We are delighted to achieve a strong exit for our stakeholders whilst leaving the hotel in capable hands on the next phase of its life cycle.”
Henry Jackson, head of hotel agency at Knight Frank, which acted for Stellar on the sale, added: “We are delighted to have completed on the sale of the Holiday Inn Express Folkestone, which is a highly-profitable and resilient asset given its proximity to the Eurotunnel Terminal. The hotel benefits from excellent amenities following a comprehensive refurbishment in 2018 and is well-positioned for future success.”
Sean Lowe, CEO of Atlas Hotels, said: “Our growth strategy to become the leading multi-brand platform for Select Service hotels in the UK continues with the acquisition of the Holiday Inn Express Folkstone. This demonstrates our appetite to grow through individual stand-alone acquisitions, in addition to our recent track record of buying portfolios of select service hotels. Supported by L+R Hotels, our operating model has allowed us to underwrite and execute transactions in a timely and efficient manner”
Neil Kirk, CEO of L+R Hotels, UK and Europe, added: “Working alongside the Atlas management team along with our transactional expertise we can provide existing owners a definitive exit route. L+R Hotels continue to support the growth of Atlas Hotels.”
