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.