Park Inn portfolio on the market in the UK

(Park Inn by Radisson Nottingham)

We did say that regional hotels in the UK would be hot this year. In the latest move, a collection of six Park Inn by Radisson hotels is up for grabs in Nottingham, Bedford, Birmingham, Cardiff, Harlow and Telford. The asking price for the portfolio is starting at £50 million. The name of the vendor was not disclosed.

The hotels are available on a whole, sub-group or individual basis. While the hotels are currently branded and managed by Carlson Rezidor, the buyer could change both brands and management companies.

Jeremy Jones, head of brokerage for hotels at Christie & Co, agreed with the recent Colliers report, which predicted that the UK regional hotels market will be supported by low interest rates, the depreciated pound, solid trading, "acquisitive domestic buyers" and an increasing flow of international capital this year.

Jones claimed that the regional hotel trading market was "much improved," with an 11-percent growth in consolidated turnover during the past three years, and RevPAR growth of 18 percent. "The availability of these hotels in key trading markets offers an opportunity to acquire approximately 865 bedrooms perfect for further selective investment and repositioning," he said.