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Ashdale Hotels has sold the Angel and Royal hotel in Grantham off a guide price of £1.75m.
The 31-bedroom property was sold to Dean Harrison, an experienced hotelier who will immediately undertake a “comprehensive” refurbishment programme.
The business was marketed off a net turnover in excess of £800,000 per annum and the sale of the freehold asset and business was at an undisclosed figure off an initial guide price of £1.75m.
Along with the 31 letting bedrooms, which reportedly attracts “strong” corporate and leisure trade,the property offers bar, dining, meeting and function facilities.
The hotel also benefits from an unused cottage, stables, offices and store which can provide potential for extra facilities.
The transaction was brokered by Julian Troup, head of UK hotels agency at Colliers International, who said: “Since UK hotel trading shut down there had been modest interest in the hotels and hospitality businesses that we have on the market.
“I am pleased however to confirm that we have recently seen an improvement in the volume of enquiries, and more particularly the number of formal viewings taking place in the last couple of weeks.”
Troup added: “This is encouraging, bearing in mind it was felt that the most significant uplift in overall activity, and more particularly positive buyer sentiment, would arrive when everyone can see that there is indeed a pent up demand particularly for “Staycation” business in the UK which is already being proven with many clients reporting a healthy flow of forward bookings since the date for opening was rumoured in England.
“Although it does look as though holidaymakers will indeed be able to travel abroad this year, it is generally felt that many will prefer to stay in UK leisure destinations.”
