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Crest Hotels has sold the 241-bedroom Holiday Inn Birmingham Airport – NEC to 11 Hospitality Limited off a guide price of £33m.
The full service hotel benefits from 241 well-proportioned bedrooms, on-site parking, 14 meeting and conference rooms as well as extensive leisure facilities and Marcos restaurant and bar facilities. The hotel will continue to operate subject to a franchise agreement with InterContinental Hotel Group (IHG) under the Holiday Inn brand.
Gavin Wright, director, Hotels and Hospitality at JLL who handled the sale, said: “We are thrilled to have completed on this high profile sale. The Holiday Inn has benefited from significant investment and development since Crest Hotels acquired it in 2005.
“Birmingham offers strong investment opportunities, supported by the forthcoming Commonwealth Games in 2022 and the high speed rail link HS2 scheduled for 2026. This sales represents the largest single asset sale in the region during 2019 and follows our recent sale of the Hilton Garden Inn, Birmingham Airport in 2018.”
Jason Hiley, on behalf of the directors at Crest Hotels, added: “The sale is part of a wider strategy to look for new opportunities after 14 very successful years of ownership. The strength of the business is a testament to the great team at the hotel, and the company is truly grateful for their hard work and dedication.”
Stevensdrake Solicitors acted for Crest Hotels and Adams and Remers LLP for 11 Hospitality Limited.
