Southport’s Ramada Hotel Up For Sale
Southport‘s Ramada Hotel is up for sale. Insiders predict that the buyer will have to cough up in excess of 10 million.
Here is what you will get for your money.
- Opportunity to acquire the Southport town centre Ramada Hotel
- Purpose built full service hotel with extensive facilities
- Prominent waterside location, on Southport Promenade
- Expansion potential for additional bedrooms or function space (STP)
- The property is held long leasehold interest for 250 years.
Savills Hotels are delighted to present for sale the long leasehold interest in the 133-bedroom Ramada Plaza, Promenade, Southport, PR9 0DZ.
The four star hotel was purpose built in 2008 and is let to Even Southport Ltd on a 25 year lease from June 2011. The passing rent is £750,000 per annum which will rise to £848,556.16 in 2016, with fixed increases of 2.5% per annum compound. This presents a fantastic opportunity to acquire a modern good quality hotel which is trading strongly in the local market with growth potential.
Opened in 2008, the Ramada Plaza Southport is a modern four star purpose built hotel laid out over ground and 5 upper floors. Also within the Waterfront development is a Genting Casino, Hungry Horse (Greene King) and other bars and restaurants which open onto the central boulevard leading to the waterfront.
The 133 guest bedrooms are well presented and are located on the 2nd to 5th floors. All rooms are fully air conditioned and provide good quality fixtures and fittings.
The property is let to Even Southport Ltd by way of a 25 year lease at a base rent of £750,000 per annum from June 2011. There is also a Turnover rent which is 17% of the Gross Turnover, and the rent payable is the higher of the Base Rent and the Turnover Rent.
There are 5 yearly rent reviews, the next due in June 2016 when the rent will rise to £848,556.16 per annum and rising 2.5% per annum compound at each review date thereafter.
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