On behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) has sold Derby’s Riverlights Holiday Inn hotel, a prime destination for tourists and business visitors to the region, to Starboard Hotels, the privately owned operator of multi-branded hotels.
The Holiday Inn, a full service hotel with conference and banqueting facilities, was brought to the market for offers over £6 million. In addition to the hotel, Starboard has also purchased two retail units with a view to expanding the hotel restaurant.
Commenting on the disposal on behalf of MREFIII, Charles Ferguson-Davie, Moorfield CIO, said: “This hotel has performed very well for us and we are pleased to have agreed the sale to Starboard. We still own the remainder of Derby Riverlights, which is a vibrant mixed-use leisure destination. We have worked hard to improve the appeal of Riverlights to occupiers and customers alike and are proud of our achievements.”
Founder and Managing Director of Starboard, Paul Callingham said: “It has been a tremendous year of growth for Starboard and we are delighted to have made another important acquisition. We welcome the team from the Holiday Inn Derby into the Starboard ‘family’ and we are looking forward to working with the General Manager Carrie Louise Holleran and her team.“
Moorfield Group bought the mixed-use Riverlights scheme in Derby out of administration for £16.5m, in 2015. The 200,000 sq ft building comprises a combination of retail and leisure units, alongside two hotels occupied by Holiday Inn and Premier Inn, as well as a Genting Casino.
Built in 2010, Derby Riverlights is located on the eastern edge of Derby city centre, adjacent to the intu Derby shopping centre and Riverside Gardens.
The property also incorporates Derby’s main bus station at the rear, and is adjacent to the city’s Castleward area, which is undergoing a £100 million redevelopment.
