Park Inn by Radisson Cardiff North Circle Way East, Llanedeyrn, Cardiff CF23 9XF

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1 Park Inn by Radisson Cardiff North Circle Way East, Llanedeyrn, Cardiff CF23 9XF

2 Executive Summary LOCATION: n Excellent location providing good access to Cardiff city centre ASSET DETAIL: n 132 modern, en-suite bedrooms with air-conditioning n Ten meeting rooms, the largest of which can host up to 250 delegates n On-site gym and extensive car parking n 3.8 acre site providing development opportunity subject to the necessary planning consents n Purpose-built hotel held on a 150 year long leasehold with a term of 138 years remaining n Total 2017 revenue of 2.6 million n Available free and clear of current branding and management 2

3 Cardiff North and its surrounds Park Inn by Radisson Cardiff North is a purpose-built hotel arranged over three floors. The property is excellently located at the junction of the A48 and the A4232, allowing good access to Cardiff city centre, approximately 3 miles away. The hotel is also well-located for J29 of the M4. Cardiff is a popular tourist destination and attracted over 19.2 million tourists in 2017, adding 1.3 billion to the local economy. The city holds numerous historic attractions such as Cardiff Castle, cultural hubs like the Millennium Centre and Motorpoint arena, exceptional retail offerings such as St David s centre, and world famous sporting grounds including the Principality Stadium. The National Indoor Athletic Centre is also only 0.8 miles to the west of the hotel. The hotel s accessible location and extensive car parking facility make the hotel popular with mid-week meetings and residential conferences. Park Inn by Radisson Cardiff North is also 3 miles from one of Wales most successful business parks, the Capital Business Park, which is home to 55 companies across 500,000 sq ft. Cardiff International Airport is approximately 14 miles south west of the hotel and serves close to 1.5 million passengers per annum. The airport also recently announced a partnership with Qatar Airways to provide links to significant global markets via Qatar s capital city Doha. The hotel is approximately 3 miles from Cardiff Central Railway Station, which provides journey times to Bristol, Birmingham and London in 51 minutes, 1 hour and 57 minutes, and 2 hours and 4 minutes respectively. 3

4 Accommodation The hotel has 132 modern, en-suite bedrooms, ranging from family guestrooms to triple bedrooms. All bedrooms are equipped with complimentary Wi-Fi, flat-screen TVs, tea and coffee facilities, air-conditioning and rainfall showers. SCHEDULE OF BEDROOMS Bedroom Type Number Average Size (sq m) Family Guestroom Double Guestroom Standard Twin Guestroom Triple Guestroom 1 26 Total Food and Beverage The RBG Bar & Grill serves healthy and affordable food for 130 covers. This restaurant was subject to a light refurbishment in 2013 / There is also an informal lounge area and a spacious lounge bar for a more relaxed dining option for 35 covers. 4

5 Meetings and Events Park Inn by Radisson Cardiff North offers ten meeting rooms, accommodating up to 250 delegates in the largest room, namely St David s Suite. The smaller meeting rooms are provided on the ground floor of the bedroom block, whilst the remaining meeting rooms are arranged over lower ground and ground floors in a dedicated conferencing area. There is an outdoor garden for breakout space, activities and barbeques in warmer months. Each meeting room enjoys natural daylight and offers the latest audio-visual technology. The hotel holds a license to perform civil ceremonies and partnerships. SCHEDULE OF MEETING ROOMS Meeting Room Maximum Capacity Area (sq m) St David s Suite (can be split into two rooms) Carmarthen Suite Prince of Wales Suite Pembroke Suite Dyfed Gwent Clwyd Brecon Llandaff Total Car parking is available on-site for over 300 vehicles. Leisure Facilities The hotel benefits from a gym that is used exclusively by residents. There are also beauty treatment facilities available to residents and the public alike. 5

6 Trade Full trading information is available to interested parties through the joint selling agents under a confidentiality agreement. A brief summary of trading history is provided below: Occupancy 66.3% 70.2% 69.8% ADR RevPAR Turnover 2,371,000 2,528,000 2,624,000 Total turnover in at the Park Inn by Radisson Cardiff North grew by 11% from 2015 to The improvement was largely achieved through year-on-year growth in average occupancy from 2015 to 2016 and ADR growing by 6.4% from 2016 to This growth was largely achieved through a strengthening in corporate demand and an increase in project demand in the area. FUTURE POTENTIAL There is a former indoor swimming pool opposite the gym which has now been converted into event space, but provides potential to convert into an alternative revenue stream. The hotel site extends to 3.8 acres, providing redevelopment opportunity for residential or alternative use, subject to the necessary planning consents. Further information is available on request. 6

7 General Information Tenure & Basis of Sale The hotel is held on a 150 year long leasehold tenure commencing on 29 September The current passing rent is 54,522 per annum, charged on a biannual basis. Operating Structure Available free and clear of current branding and management. Services The hotel has mains electric, gas and water. Heating to the building is provided via two gas fired condensing boilers. Wi-Fi is available throughout. Inventory & Stock Fixtures, fittings and equipment are included in the sale with general stock at valuation on completion. Licences The hotel has a Premises Licence and a Civil Ceremonies License. EPC EPC rating C. TUPE The purchaser will be required to comply with the relevant legislation in respect of current employees. VAT The property is elected for VAT. Viewings & Further Information Viewings to be arranged strictly by appointment through joint selling agents Savills and Knight Frank. For further information, please contact the selling agents. No contact should be made with the hotels directly or with Radisson Hotel Group. Transaction Structure It should be noted that this is a sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT can be given. Limited replies to enquiries will be given and the Receivers will have no personal liability for any such replies. Interested parties should review the Transaction Structure Paper contained within the secure data site that sets out the basis of sale. 7

8 Martin Rogers +44 (0) James Greenslade +44 (0) savills.com Henry Jackson +44 (0) Alex Macaulay +44 (0) knightfrank.co.uk Asset managed by C1 Capital