The Holiday Inn Cardiff – North, situated next to Junction 32 off the M4, has been sold through specialist business property adviser, Christie & Co to Fairview Hotels.
The 95 bedroom hotel, which underwent significant refurbishment and reopened as a Holiday Inn in August 2014, comprises a bar and lounge, a 100 cover restaurant and five flexible meeting rooms, plus an indoor swimming pool and leisure facilities. Externally, the site provides extensive car parking for up to 150 vehicles.
Ideally located on a main route into Cardiff city centre, the Holiday Inn sees high volumes of both leisure and corporate guests visiting the capital, which is Wales’ commercial and tourism hub.
Purchased by Fairview Hotels, an expanding group operator and the largest franchisee of Accor hotels in the UK, the Holiday Inn Cardiff – North marks the group’s first IHG brand franchise agreement. Currently already operating the Ibis in Cardiff city centre, this will be Fairview’s 13th hotel and its second in Wales, capitalising on the growth of the tenth largest city in the UK, outside of London, which has seen a 30% increase in tourism spending since 2011.
Neil Forbes, Director of Hotels at Fairview comments, “Fairview are delighted to acquire this new property on the outskirts of Cardiff, joining our existing Ibis Hotel (Cardiff City Centre). We are very excited to have joined the IHG network and become a multi-brand operator.”
“Fairview Hotels continues to actively seek further hotel acquisition opportunities across the UK.”
Jeremy Jones, Head of Brokerage – Hotels at Christie & Co, handled the sale and comments, “We were delighted with the response to the marketing of this highly profitable hotel. With interest from leading private UK operators and overseas investors we were able to create a competitive bidding environment.
“We are delighted to announce this, along with other impending sales, before the busy Christmas trading period.”
Christie & Co sold the freehold interest of the Holiday Inn – Cardiff North off an asking price of £8.5 million.