Peel sells Midland hotel to Britannia
Peel Hotels has sold its Midland hotel in Bradford, West Yorkshire, to Britannia Hotels, adding to the group's now 64-strong hotel portfolio across the UK.
Built in 1890 by the Midland Railway Company, the sale price was not disclosed however the property was brought to market last year with a guide price of £3m. It is the second Peel hotel to be sold this year following the sale of its Norfolk Royale hotel in Bournemouth to coach operator Alfa Leisureplex Group.
Chairman Robert Peel told The Caterer earlier this year that any of its six hotels were up for sale for those willing to pay "the right price" as the company aimed to pay off its debt, which accounted for 25% of the group's asset value.
The group also put its Caledonian hotel in Newcastle and the George hotel in Wallingford on the market at the time. Peel Hotels' remaining portfolio also includes the Bull in Peterborough and the Crown & Mitre in Carlisle.
Peel said: "The Midland hotel has always been a great favourite of mine. The industrial and cultural communities of Bradford have always appreciated having one of Yorkshire's finest hotels in their midst."
Alex Langsam, managing director of Britannia Hotels, said: "We are thrilled to have secured the Midland hotel as a new addition to Britannia Hotels in a matter of weeks, from first seeing it, to completing the purchase by way of an all-cash deal."
Jeremy Jones, head of hotels brokerage at Christie & Co, who brokered the deal, said: "I am so pleased that Peel Hotels have secured a timely sale so the hotel can trade under Britannia's banner. Bradford's appeal will soon be on a global scale, now the city has been awarded the ‘City of Culture 2025'."
David Lee, regional director of Christie & Co's North hotels team, added: "I have really enjoyed working with Peel Hotels on the sale of this iconic building in the heart of Bradford. It's another example of Christie & Co's track record in meeting the demand for hotels from a whole range of established hospitality groups and new entry entrepreneurs. In fact across the last 18 months we have sold over 30 hotels across the North of England and the Midlands. We wish Britannia Hotels all the very best with the Midland hotel."
