Holiday Inn is expanding into a Nottingham business park following a multi-million pound deal from Yorkshire Bank.
Seymour Capital Ltd has bought the former Dakota Hotel at Sherwood Park which has been leased to their subsidiary Signature Hotels, who are now operating the 92-bedroom venue as part of the Holiday Inn chain.
The deal has been possible after managing director Russell Allen secured substantial funding against an £11 million purchase price from Yorkshire Bank’s Financial Solutions Centre (FSC) in Castle Meadow Road, Nottingham.
Mr Allen said: “The 995-year lease became available and Yorkshire Bank was instrumental in making sure the deal was completed in a difficult economic market. They moved very quickly and were professional to deal with.
“We have now converted the property to a Holiday Inn which has a world-wide reputation for providing quality hotels with top-class service.
“Our location just off junction 27 of the M1 is ideal for our guests and there are also over 8,000 people working at high-profile companies on our door-step in Sherwood Park.
“Bookings are currently 20 per cent up on last year and we’re taking positive steps in the right direction. We expect to win back business which has been lost due to the recession over the last few years as well as secure new customers. We are feeling very confident about the future and being part of the Holiday Inn family.”
Paul Elliott, business banking partner at Yorkshire Bank in Nottingham, said the Holiday Inn Nottingham was in a prime location for leisure and business travellers.
“The timescales to put the deal together were quite challenging but we completed it in time,” he said.
“Our fully integrated business model ensured we were able to provide a full range of services in addition to the core debt, transactional banking and merchant services being just two. In turn, the ability within our business for the local underwriting team to visit the hotel helped smooth the process.
“It is a very good deal and it has allowed Russell to buy the long-term lease having already operated the hotel.
“We are very pleased with the relationship we have established with Russell and I am sure the momentum the hotel has achieved over the last few years will prove vital in taking the business forward. The funding of a substantial local business reflects our open for business message through our Investing for Growth strategy.”