Wealthy landlord to offer hotels
A COMPANY owned by one of Suffolk's richest men is considering selling two hotels for a whopping £11million and offering leases on a further five.Elizabeth Holdings, is run by Richard Cattermole of Westerfield, who owns more than 1,300 properties, 70 pubs and around 30 hotels.
A COMPANY owned by one of Suffolk's richest men is considering selling two hotels for a whopping £11million and offering leases on a further five.
Elizabeth Holdings, is run by Richard Cattermole of Westerfield, who owns more than 1,300 properties, 70 pubs and around 30 hotels. His estimated wealth comes in at around £70million.
The company, which has its offices in Fore Street, has put two hotels - in Corby and Lancashire - on the market and is advertising a further five for lease.
However, a spokesman for Elizabeth Holdings said it is not clear whether the properties will remain on the market as the company is considering a substantial refurbishment programme as an alternative.
The spokesman said the original plan had been to sell and lease hotels outside the company's core area of Ipswich and East Anglia as a number have been “performing below expectation”.
However the situation is now being described as “flexible” with the firm seeking possible investment to refurbish the hotels in a bid to turnaround their fortunes.
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The spokesman said it is acknowledged there has been an underinvestment in the hotels over the years and substantial work will be needed to get them up to market standard.
He said: “We may well explore the possibility of keeping the majority of the hotels and planning a large investment programme in them.”
He added that the company in general is extremely strong financially.
Hotel specialists Fleurets have been appointed to market the seven hotels on behalf of Elizabeth Holdings.
Bob Whittle, director at Fleurets said: “We are delighted to be handling the sale of these assets on behalf of Elizabeth Holdings, a long established client of Fleurets.
“All of the businesses generate a good level of turnover and profit and are being sold or let, as going concerns, which should appeal to experienced operators.”
The properties are:-
n. Hotel Elizabeth, Rockingham, Corby. Freehold £5.72m
n. North Euston Hotel, Fleetwood, Lancashire. Freehold £5.6m
n. Hotel Elizabeth, Great Yarmouth. 50 bedroom hotel. Premium £185,000
n. Phoenix Hotel, Dereham, Norfolk. 22 bedroom hotel. Premium £165,000
n. Arties Mill Hotel, Castlethorpe, North Lincolnshire. 26 letting rooms. Premium £250,000
n. Hatfield Hotel, Lowestoft, Suffolk. 32 room hotel. Premium £195,000
n. Star Hotel, Great Yarmouth, Norfolk. 40 bedroom hotel. Premium £195,000