RSM RESTRUCTURING ADVISORY LLP

Transcription

1 The Grand Hotel ON THE INSTRUCTIONS OF MATTHEW WILD AND MARK BOUGHEY OF RSM RESTRUCTURING ADVISORY LLP JOINT ADMINISTRATORS OF RICHARDSON HOTELS LTD AND FOWEY HOTEL LTD

2 The Grand Hotel SEAFRONT TORBAY ROAD TORQUAY TQ2 6NT LANDMARK LOCATION ON THE ENGLISH RIVIERA 1.6 ACRE SITE WITH DEVELOPMENT POTENTIAL STPP 132 EN SUITE LETTING ROOMS AND LARGE CAPACITY PUBLIC ROOMS STUNNING SEA VIEWS NET SALES IN EXCESS OF 4.95M PA. OFFERS OVER 8,000,000 FREEHOLD

3 Location The Grand Hotel in Torquay is one of those quite rare hotels that can properly be described as a landmark building. This imposing property has graced the seafront since 1881 when the Great Western railway expanded into the South West, and has since played host to guests as diverse as Agatha Christie and the Rolling Stones. It offers considerable trading capacity with 132 letting bedrooms, many of which afford guests a panoramic view of the bay, plus a wide range of conference, function and meeting facilities. Arguably the premier seaside resort town in Devon, 18 miles south of Exeter and 28 miles from Plymouth, the town adjoins the neighbouring town of Paignton on the west of the bay and is also within sight of Brixham. Road and rail connections to Torquay are excellent, and the hotel is of course adjacent to the railway station. Like its neighbours, the town s economy was initially based on fishing and agriculture but during the Napoleonic wars the Royal Navy frequented the town and the area earned the nickname the English Riviera which has lasted until this day. Torquay has long been a major tourist draw because of the wonderful sea views and the renowned mild climate that makes it a location to be visited throughout the year. The Grand Hotel was acquired by Richardson hotels in 2001 and was extensively refurbished at that time. It is an AA 4 star hotel, holds an AA rosette for fine dining and occupies a 1.6 acre site that offers scope for the potential further development of this gracious hotel.

4 The Property The property is a lovely example of grand Victorian architecture and has accommodation arranged on lower ground, ground and four upper floors predominantly. Elevations are rendered and painted and roofs mainly slate covered. PUBLIC AREAS There is a large Reception foyer with seating for 25 which leads into the main Bar with an eye catching central servery around which 200 can easily be accommodated. The Brasserie (40+) leads off the bar and both rooms offer excellent sea views. Restaurant 1881 provides ample space for 150 covers and can accommodate more for private functions. In addition to the dining areas the hotel has three function rooms of varying sizes: Devonshire: a large room with a capacity of 250 and its own bar and stage Chatsworth: suitable for meetings & private dining for 15/20 Cavendish: suitable for meetings & private dining for 35/40 The service areas are located at ground and lower ground floor. LEISURE FACILITIES There is an outdoor pool as well as an indoor pool and spa with three treatment rooms at lower ground floor.

5 Letting Rooms There are 132 en suite letting rooms with an additional letting room available to create a family suite. 52 of the bedrooms have sea views. BEDROOM STYLES NUMBER Standard Compact Double 20 Standard Inland Double 32 Standard Inland Family 10 Standard Inland Single 4 Standard Inland Twin 13 Standard Sea Facing Double 19 Standard Sea Facing Family 16 Standard Sea Facing Single 5 Standard Sea Facing Twin 6 One Bedroom Suite 3 Two Bedroom Suite 3 Superior Two Bedroom Suite 1 OTHER PROPERTY In the hotels garage there are approximately 25 parking spaces with additional parking being rented at the railway station and rugby club.

6 R The Business R IC H A R D S O N H OT E L S W here M emori es A re M ade Net sales of 4,961,839 were achieved in 2017 with an EBITDA of 562,200. KEY PERFORMANCE INDICATORS Number of bedrooms available 48,180 Number of bedrooms occupied 34,519 Occupancy rate 72% Accommodation revenue 2,716,106 ARR REVPAR TREVPAR DEVELOPMENT POTENTIAL We are informed that planning consent has previously been granted to build 18 new bedrooms on the 5th floor and create a new spa to the side of the hotel. Drawings have previously been commissioned for this scheme. LICENSES We are informed a premises license is held as well as a wedding license. SERVICES We are advised that all mains services are connected with the property having gas fired central heating and air conditioning to some rooms.there are three lifts serving the building (2 guest & 1 staff). LOCAL AUTHORITY Devon County Council County Hall, Topsham Road, Exeter, Devon, EX24QD. > > T H E R I C H A R D S O N H OT E L S P O R T F O L I O T H E G R A N D H OT E L

7 PRICE Offers over 8,000,000 for the freehold interest to include the loose fixtures & fittings (subject to inventory) and goodwill. Consumable stock to be purchased at valuation on completion. FINANCE Colliers International is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved. The Grand Hotel TO VIEW All appointments to view MUST be made through the vendors agents who are acting with sole selling rights. DISTANCES Exeter Newton Abbot London 18 miles 7 miles 194 miles All distances approximate.

8 Project Team For further information please contact: Ed Jefferson HOTELS AGENCY BRISTOL Peter Brunt DIRECTOR OF HOTELS AGENCY HOTELS AGENCY ALTERNATIVE MARKETS Julian Troup HEAD OF UK HOTELS AGENCY D: M: D: M: M: DISCLAIMER Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending purchaser should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. (February 2018) Colliers International is the licensed trading name of Colliers International Property Advisors LLP which is a limited liability partnership registered in England and Wales with registered number OC Our registered address is at 50 George Street, London, W1U 7GA. Colliers International Ground Floor, Templeback 10 Temple Back Bristol BS1 6FL