Reading, George Hotel Portfolio - MBI Surveyors
16009
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Reading, George Hotel Portfolio

Description
76 bedroom 4* hotel. Historic building, central, overlooking The Oracle and Riverside. Huge potential.

Transaction

Size
Hotel sale 76 rooms

Price

Surveyor
£16,000,000 Matt Brooks

THE OPPORTUNITY

  • Freehold and prime town centre real estate portfolio and / or hotel
  • 76 bedroom 4* hotel
  • Adjacent to The Oracle shopping centre and within walking distance of the £950m redeveloped train station and Hexagon Theatre.
  • Overlooking The Oracle Riverside
  • Development options
  • Existing leases to Prezzo, Mothercare and Workhouse Coffee
  • Option to lease to Hotel at c.£200,000 pax on a new 25 year unbroken term
  • EBITDA c.£1.2m including retail and leisure rentals (part of the freehold)
  • AWULT 20 years
  • Investment income £602,000 (portfolio)
  • Plans and tenancy schedule available on request
  • Refurbished Hotel (parts date back to 1423)
  • £12,950,000 producing 4.4% NIY on sale and leaseback to the hotel
  • Viewing strictly by appointment only
  • OIEO £16,000,000 for the going concern
  • Management options considered on merit

KEY POINTS

  • Prime central hotel and retail portfolio in enviable location
  • 4* 76-bedroom hotel with additional income from retail properties
  • EBITDA c.£1.2m. Consistent revenue with potential to develop further
  • Sale and leaseback to hotel considered along with potential management option

Freehold

Description Item Qty Price
Portfolio investment with sale and leaseback to hotel £12,950,000.00 1 £12,950,000.00
Additional value for transfer of hotel as a going concern £3,050,000.00 1 £3,050,000.00
 

Total: £16,000,000.00

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