Lambert Smith Hampton (LSH) has announced the successful sale of the Holiday Inn Express Hotel at Castle Bromwich, Birmingham.
The group confirmed that a consortium of buyers have now acquired its ground rent investment for an undisclosed sum.
For the sale of the freehold ground rent investment, LSH acted on behalf of Matthew Ingram and Allan Watson from Duff and Phelps, the joint administrators of SGL1 Ltd.
The 110-bedroom site was built in 1999 and refurbished in 2014, when it was rebranded as a Holiday Inn Express.
It is situated next to junction 5 of the M6 motorway, and approximately 7 miles from Birmingham City Centre.
Martin Davis, director of LSH’s specialist Hotel and Leisure team, said: “Despite the dreadful Covid-19 pandemic that has affected us all, this sale was agreed towards the end of March following a full open marketing campaign and has completed within a month.
“It is encouraging to see that there are still credible buyers with an appetite and the funds to do deals, even at this difficult time.”
Andrew Knowles, director of the restructuring team of Duff and Phelps, added: “We are delighted with the sale delivering a positive outcome for creditors in what is a historically challenging time.
“We would like to thank our colleagues at Lambert Smith Hampton who worked closely with us to secure this result.”
