GVA has been appointed by Paul Flint, Mark Orton and Brian Green of KPMG LLP, Joint Administrators to Beetham Hotels Birmingham Ltd, to dispose of the 999 year lease of the landmark Radisson Blu Hotel on Holloway Circus in the centre of the city.
The administrative process regarding Beetham Hotels Birmingham Ltd is purely in respect of the financial obligations of the leasehold owner. It does not affect trading at the 211 bedroom premium hotel, which remains open for business and is trading positively. The hotel is operated under an International Management Agreement by Rezidor Hotel Group, using the internationally renowned upper scale ‘Radisson Blu’ brand.
Ian Stringer, Regional Senior Director at GVA’s Birmingham office, comments: “We are delighted to be working with the Joint Administrators from KPMG to gain maximum market exposure for this prospective sale. Interest has already started to build – both nationally and internationally – highlighting the significance of this high profile investment opportunity.”
James Williamson, Director, GVA Humberts Leisure comments: “Since opening its doors in 2006, the Radisson Blu Hotel has been amongst Birmingham’s key hotel venues. The strength of the global brand makes this leasehold acquisition opportunity very desirable to both hotel investment specialists and more general property companies. In the current economic climate, banks and investors have shown a definite preference for opportunities that are supported by brands with strong international recognition.
“One of the many attractions of acquiring the 999 year leasehold interest of the Radisson Blu Hotel is due to it forming part of the iconic ‘Beetham Tower’ skyscraper building that is only six years old. At 39 storeys, it is the tallest building in central Birmingham and is a stunning and striking landmark situated at the heart of the city, within moments of New Street train station.
“Designed by award-winning Ian Simpson Architects, the design and construction of the hotel is to the highest quality, underpinning the attraction of the investment proposition. The 211 bedrooms and suites were designed by Italian designer Matteo Thun, and the Filini restaurant concept was created by acclaimed restaurateur, Roy Ackerman.”
The 30-strong GVA Humberts Leisure team is leading on this new instruction. The team has previously worked with Administrators from KPMG on a number of Hotels and Leisure disposals, including the sale of the mid-16th Century Taymouth Castle in the Scottish Highlands. The Grade A listed historic monument was sold with planning consent for a luxury 72 suite hotel and spa within the Castle, as well as the development of 79 residential lodges and the creation of 26 fractional ownership homes in the Castle grounds.
GVA, jointly with CBRE, was also responsible for the UK’s largest regional property transaction of 2011 when it disposed of the complex highly prestigious mixed-use development, The Mailbox, located virtually opposite the Radisson Blu Hotel in Birmingham.