A popular Blackpool hotel is on the market for £9.68m.
Property consultancy Lambert Smith Hampton has been instructed to sell the 124-bedroom Blackpool South Shore Travelodge on Seasiders Way, by Joint Receivers David Rubin & Partners.
Purpose-built in 2008, the hotel enjoys a prominent location on a major route into the town centre, close to both Blackpool Pleasure Beach and Blackpool Football Club. It is let to Travelodge with 14 years remaining on the lease and rent reviews every five years which are linked to the Consumer Price Index.
Hugh Anderson, Director of Hotels for Lambert Smith Hampton in Manchester said: “We are seeking offers in excess of £9.68 million, which reflects a net initial yield of 5.50 per cent.
“We are currently experiencing strong activity in the hotel sector and anticipate good interest in this asset largely due to the strength of Blackpool’s tourist economy, the hotel’s location within the town and the guaranteed rental income from Travelodge.”
The hotel’s listing on the open market follows a 2017 High Court ruling which decreed that the owner, Blackpool Football Club (Properties) Ltd must divest assets in order to settle a £25m debt to ex-director Valeri Belokon.