JLL has advised Crest Hotels on the sale of the 241 bedroom, Holiday Inn Birmingham Airport – NEC, to 11 Hospitality Limited.
The freehold property was sold for an undisclosed sum, off the guide price of £33 million.
The full service hotel benefits from 241 well-proportioned bedrooms, substantial on-site parking, 14 meeting and conference rooms as well as extensive leisure facilities and Marcos restaurant and bar facilities. The hotel will continue to operate subject to a franchise agreement with InterContinental Hotel Group (IHG) under the Holiday Inn brand.
Located at Birmingham Airport the primary international airport in the region which recorded 12.5 million passengers movements in 2018. The National Exhibition Centre is located approximately one mile from the hotel and is the largest exhibition facility in the UK, attracting over 3 million visitors per annum.
Gavin Wright, director, Hotels & Hospitality at JLL, comments: “We are thrilled to have completed on this high profile sale. The Holiday Inn has benefitted from significant investment and development since Crest Hotels acquired it in 2005. Birmingham offers strong investment opportunities, supported by the forthcoming Commonwealth Games in 2022 and the high speed rail link HS2 scheduled for 2026. This sales represents the largest single asset sale in the region during 2019 and follows our recent sale of the Hilton Garden Inn, Birmingham Airport in 2018”.
Jason Hiley, on behalf of the Directors at Crest Hotels said: “The sale is part of a wider strategy to look for new opportunities after 14 very successful years of ownership. The strength of the business is a testament to the great team at the hotel, and the company is truly grateful for their hard work and dedication.”
Stevensdrake Solicitors acted for Crest Hotels and Adams & Remers LLP for 11 Hospitality Limited.
