Grantham Kings Hotel For Sale

Business description

Impressive ‘Best Western’ AA 3 Star hotel. 21 spacious letting bedrooms.

2 restaurants (75), Function Suite (130) and Bar (80). Healthy turnover of £676,444 net of VAT. Awarded 3 stars (73%) by the AA, the King's Hotel is a successful business and a member of the popular 'Best Western' group of hotels.

The property has been maintained in excellent order, and has the benefit of 21 spacious en suite letting bedrooms, 2 restaurants, a bar and an impressive function suite for up to 130. As well as being a popular place to stay, the King's also has an excellent reputation as a wedding venue and for the quality of the food in the restaurants. The King's Hotel is prominently situated in an attractive area of Grantham and just half a mile north of the town's bustling centre. The position is ideal for attracting business and commercial trade. The local economy is vibrant and the town benefits from its location just a couple of miles from the A1. The current Owner has a number of other business interests which are taking up ever more of his time and energies. As a consequence he has reluctantly decided to sell. The sale represents a fantastic opportunity for new Owners to acquire a successful business with the opportunity to increase trade and profitability through greater 'hands-on' involvement.

THE PROPERTY
A detached period property believed to date back to the 1800's with contemporary extensions to the side and rear.

PUBLIC AREAS
A main entrance to the front of the property leads through to the spacious Reception, with a comfortable Lounge area with sofas and chairs. Beyond is the 'Kings Bar' (50) with bar servery. There are two restaurants; the 'Victorian' Restaurant with seating for around 25 and offering a formal 'a la Carte' menu, and the 'Orangary' with seating for around 50 offering a more relaxed 'Bistro' experience. The main function room is the 'Regency Suite' which has its own bar and can formally seat around 110, or 130 buffet style. On the first floor is the Newton Room, a meeting facility for circa 25.

LETTING BEDROOMS
21 letting bedrooms to sleep around 42 (1 Suite, 10 Doubles, 10 Twins). All the rooms have en suite facilities, television, tea/coffee facilities, trouser press and hairdryer.

SERVICE AREAS
A large commercial kitchen with a comprehensive range of stainless steel equipment, work surfaces, extraction and storage. Staff room, boiler room and cellar.

OUTSIDE
To the front of the hotel is a car park with marked bays for around 38. To the side and rear are landscaped areas and an attractive trade patio adjacent to the 'Kings' Bar.

SERVICES
South Kesteven District Council, Grantham. Mains gas, electricity, water and drainage.

LICENCES
Premises Licence

TRADE
It is important to note that the hotel is run under management and as a consequence wage costs are higher than would normally be the case for a hotel run by a 'hands-on' operator. There is a great opportunity to increase turnover and profitability. Trading accounts are currently being prepared. The Owner has provided us with Management accounts for the year ending May 2008 showing a turnover of £676,444 (net of VAT). Further information will be supplied to Bona Fide prospective purchasers following a formal viewing of the hotel.

PRICE
£1.295 Million for the trading hotel, goodwill and trade fixtures and fittings (subject to inventory). Stock at valuation.

FINANCE
Colliers Robert Barry is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved.

TO VIEW
All appointments to view MUST be made through the vendors' agents who are acting with sole selling rights.

Property information

Property:

Freehold