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The Ringland Group has brought The 1852 Hotel and its accompanying Town Square bar to the market with a guide price exceeding £2.85m.
The commercial property firm CBRE will manage the sale of the mid-19th Century building. The hotel contains 21 bedrooms with a total sleeping capacity for 68 guests, while the transaction also includes secured planning permission to construct five additional bedrooms at the rear of the property.
The company is selling the asset to redeploy capital into its £17m development pipeline. The planned expansion projects include a new 76-bed hotel on Callender Street and a rooftop bar on Howard Street.
The current hotel operations are managed by a 18-person group suite, with general manager Andrew McWhirter and the core management team remaining in place to transition the business to a new owner.
Managing director of the Ringland Group Peter Ringland said: “The 1852 Hotel has been a pleasure to own for the past decade, but the time is right to pass on the torch. This move allows us to focus our energy on our pipeline of new projects, including our new Bottleworks development on Callender Street.”
McWhirter added: “This is an incredibly systemised business; we have worked hard to implement Lean principles across all departments, making it one of the most efficient operations in the city. We are so excited for the next chapter – we have built something very special here on Botanic, and we cannot wait to meet the next custodian of this historic building as I lead our team into the future.”
Paul Collins of CBRE Hotels said: “We are excited to be selling this highly profitable hotel which has considerable upside potential including the opportunity to add five bedrooms, with full planning consent in place for this extension.”
