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Successful disposal of Hollybush Hotels 5 February 2014

The asset portfolio of Hollybush Hotels, containing four hotels and a holiday resort, has successfully been sold out of administration.

The Prince Regent & Russell Hotels in Weymouth, the largest hotels with 166 rooms between them, have been sold as going concerns.

Peter Holder, Nick Cropper and Anne O’Keefe, of Zolfo Cooper, were appointed as joint administrators on 11 October 2013 to Hollybush Hotels, which traded as Martyn Leisure Breaks.

Cropper, partner at Zolfo Cooper, said: “This shows that there is still a relatively strong market for hotel properties in the UK.

“The sector is changing, with budget brands experiencing the greatest growth including a number of boutique budget brands coming onto the market.

“Transaction activity in 2013 reached the highest level recorded since 2007 with trade buyers particularly active in the owner-operated market.

“Some hotels provide the best return by continuing to trade but perhaps under a new format and management team.

“Others are more valuable as sites for alternative uses. We identified those assets which fitted into each category and marketed them successfully in a crowded, changing market place.”

Also sold as going concerns were the Sherborne Hotel and Sand Bay resort in Weston-Super-Mare, with 59 rooms and 325 beds respectively.

The Shepperton-based Harrisons Hotels had been sold on an alternative use basis.

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