Multi-million pound deal for Holiday Inn in Walsall
The Holiday Inn on Junction 10 of the M6 has been bought by an Asian investment company. Although the price tag is not being revealed, the hotel was on the market for offers in excess of £10 million.
The sale of the 156-bedroom hotel was handled by property company Christie & Co on behalf of the owners, pensions and insurance giant Canada Life.
Canada Life, which rebranded the hotel to a Holiday Inn in 2011, have sold to CL Capital, an Asian based investment fund.
Standing near the Junction 10 roundabout, to the west of the M6, the hotel has undergone extensive investment across its bedrooms and public areas in recent years. In addition its swimming pool it has extensive conference and meeting facilities, catering for up to 180 people at a time, which are regularly used by a number of local, regional and national clients.
Alex Campbell, director at Christie & Co, said: “The Holiday Inn Birmingham-Walsall M6, Junction 10, presented an ideal opportunity for an investor or operator to acquire a freehold hotel subject to a franchise agreement with one of the world’s leading hotel brands. We received strong interest from domestic and international investors for the property, highlighting the demand for strongly performing hotels in the UK regional markets.”
Kew Green Hotels will continue to manage the hotel, which is expected to remain as a Holiday Inn. Kew Green took over the former Friendly Lodge Hotel, on Wolverhampton Road West, in 2011.
It had run as a Compass Hotel but closed in 2009 after its owner went into liquidation. Kew Green bought the hotel and reopened it as a Holiday Inn in 2012 following a 'significant investment' creating 50 jobs.
A 120-room Holiday Inn Express sits across the M6 at the Tempus Ten site in Walsall.
Canada Life Limited were advised in the sale by law firm Taylor Wessing. CL Capital were advised by Proskauer Rose.