Today’s news in brief – 29/4/24
The historic Courthouse in Knutsford, East Cheshire, is up for sale, offering nine bedrooms, a bar, restaurant, and event spaces. With planning permission for additional bedrooms and a rooftop bar, the property promises further development potential. Surrounded by the picturesque Cheshire Countryside, the area boasts attractions like Chatsworth House and offers outdoor activities. Positioned conveniently near major transportation hubs, including the M6 and Knutsford Train Station, the property is expected to draw significant interest, says Tom Cunningham, UK regional director at Savills Manchester.
St Christopher’s Inn in Greenwich, part of the Beds and Bars Group, is on the market for undisclosed reasons. The group plans to reinvest proceeds from the sale into larger units across Europe, aligning with its expansion strategy. The property, featuring 14 guest rooms and a modern bar with a street terrace, has been part of the Beds and Bars portfolio since 1999. Neil Morgan, senior director at Christie and Co, anticipates interest from various operators and developers.
US hedge fund GoldenTree Asset Management, owner of Travelodge, is reportedly in discussions to buy £40m worth of hotels from its landlords. This move follows Travelodge’s recent acquisition of 66 UK hotels from LXi REIT plc for £210m. Speculation about Travelodge’s potential sale surfaced last summer amid a surge in domestic travel demand. With nearly 600 hotels and over 12,000 employees, Travelodge saw revenue surpass £1bn for the first time last year.
The Dalata Hotel Group anticipates a 4% decline in RevPAR (Revenue per Available Room) in Ireland due to lower trade levels, while expecting modest growth in the UK. Despite challenges like new supply impacts in Dublin, the group remains optimistic, citing seasonal factors and the opening of four new Maldron hotels in the UK. Chair John Hennessy highlights the company’s positive sales and EBITDA growth in 2023, expressing confidence in the future contributions from recent acquisitions and upcoming openings.
