Nine Group purchases Dragon Hotel

Specialist property advisor Christie & Co is delighted to announce the completed sale of the Dragon Hotel, Swansea.

London & Devonshire Trust Limited acquired the business in 2004 via Christie & Co who have now sold the business again to Nine Hospitality Investments Limited.  The parent company is S & J Group Limited, a hotel investment fund headed by Vivek Chadha who won the prestigious Young Entrepreneur of the Year Award in 2014.
Located on the Kingsway in Swansea City Centre, the purpose-built 4-star hotel offers 106 guest bedrooms and suites, and extensive food and beverage facilities including two conference rooms and a self contained banqueting suite with 230 covers.

Although operated by MacDonald Hotels for the last two years, the management contract will not continue under new ownership.  The hotel formerly traded as a Holiday Inn until the outgoing owners decided to de-brand the hotel and extensively refurbish the accommodation to comply with AA 4 Star recognised standards in 2005.

Directors Simon Stevens from London and Jonathan Hill of Christie & Co’s Bristol office handled the sale.
Simon commented: “This profitable hotel is an excellent addition to Nine Hospitality’s expanding portfolio. “We understand the business will undergo substantial investment to re-positioned the hotel in this competitive market.  The Dragon Hotel encouraged competitive interest from a variety of experienced operators, and is indicative of both the quality of the business and also of the demand for hotel businesses in this area of Swansea.”

The property was sold off a guide price of £4.75m on a leasehold basis.


Nine Group Purchases Holiday Inn Luton

Property adviser Christie & Co has completed the sale of a 140-bedroom hotel in the Hertfordshire village of Markyate.

The Holiday Inn-Luton South hotel has been acquired by growing hotel operator Vivek Chadha from Nine Hospitality. His plan is to invest “substantial sums” in the property, retaining the Holiday Inn branding.

Chadha said: “We are delighted to acquire this highly strategic hotel to add to our growing portfolio and look forward to investing and driving the business forward.”

The hotel is located close to the M1 and was extended in 2000 with an additional 49 bedrooms and leisure facilities. It was rebranded as a Holiday Inn in November 2005 and currently operates as a Holiday Inn under a franchise agreement with InterContinental Hotels Group.

Alex Campbell, director at Christie & Co, added: “After undertaking a competitive sales process with serious engagement from a large number of highly qualified bidders, we are delighted to announce this highly satisfactory outcome for our clients MCAP Global Finance Ltd.

“There was a high level of competition for the purchase of this hotel, and this caused the asset to be sold in excess of its asking price of £6.85m.

“We wish Vivek Chadha and his team further success with this profitable hotel.”

Christie & Co acted on behalf of MCAP Global Finance on the deal.


Director of Nine Group Vivek Chadha speaks at Hotel Conference

Vivek Chadha is a franchisee, operator, owner and developer of multiple hotels in the UK. He has acquired 8 hotels in less than two years from fixed charge receivers. He currently franchises mainly with IHG and Accor. He is currently developing a 300-bedroom Hotel at London Heathrow.