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Liverpool Novotel hotel sold out of administration 11 August 2014

Administrators have announced the sale of the Novotel Liverpool Central hotel out of administration.

The hotel, located on Hanover Steet, has been acquired by Brussels-based Algonquin, for a fee in excess of £13m.

The property was formerly owned by Pedersen Group, which entered administration in 2013.

Administrators from Chantrey Vellacott took over the running of Pedersen (Liverpool) Ltd, Pedersen (Bromsgrove) Ltd and Pedersen (Ealing) Ltd in October 2013 following appointment by the Irish Asset Management agency, NAMA.

David Oprey, partner and restructuring specialist at Chantrey Vellacott, said: “We’re delighted the sale of the Novotel Liverpool Central hotel has now been completed.

“There was very strong interest in the hotel, as there was in the properties in Ealing and Bromsgrove, and securing sales in excess of the combined asking prices of £30 million is a very good result for the secured lender.

“We expected the bidding process for each of the hotels to be competitive as they are all well run and generated profits. We were appointed as the
Pedersen companies appeared to have been unable to service the level of debt finance owed.

“The sales have reflected the underlying profitability of the hotels and secured the future of three viable businesses.”

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