Estee Group has purchased the Project License hotel portfolio from FS JV License Ltd. The assets were marketed at a guide price of £14m.
The 227-bed portfolio comprises three regional hotels – two Holiday Inns in Dumfries and Darlington, and a Mercure in Sheffield Parkway.
All three hotels benefit from future upside potential, ranging from redevelopment opportunities, to being located in close proximity to forthcoming demand drivers and regeneration schemes.
Steven Fyfe, director in the hotel capital markets team at Savills Scotland, which acted for FS JV License Ltd on the deal, said: “Project License provided an excellent opportunity to purchase three well-located hotels with strong brand identity and considerable future asset management potential. We are very pleased to have completed the deal, achieving a strong price on behalf of our client. ’
Tom Cunningham, director in the hotel capital markets team at Savills Manchester, added: “The sale of the portfolio enabled the purchaser to significantly enhance its representation within the hotel sector, whilst also spreading risk across different geographies. This latest success is another indicator of the popularity of the sector with investors looking to generate decent returns despite ongoing market volatility.”
