Stellar Asset Management has sold its Holiday Inn Express, an IHG hotel in Folkestone, Kent, to London & Regional off a guide price of £8.5m.
The hotel has been sold with a franchise agreement with IHG and without management involvement to L&R, which will add the property to its Atlas portfolio.
The 100-bedroom hotel sits on 1.1-acre site and also comprises a restaurant and a bar, an external terrace area, four meeting rooms and on-site parking for approximately 90 vehicles.
David Stein, investment manager at Stellar Asset Management, said: “Since acquiring the asset in 2015, we have enhanced the asset’s performance consistently with the help of an excellent hotel team.”
Neil Kirk, chief executive of L+R Hotels, UK and Europe, said: “Working alongside the Atlas management team, along with our transactional expertise, we can provide existing owners a definitive exit route. L&R Hotels continue to support the growth of Atlas Hotels.”
Knight Frank advised Stellar on the sale.
Image from Knight Frank
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