Acting on behalf of a private owner, Christie + Co has sold the Hilton & Royal Parade Hotel in Eastbourne, to first-time buyers Dr Ram Aggarwal and his son Ankur, for an undisclosed sum, off a guide price of £2.5 million.
Prominently located on Eastbourne seafront, the hotel provides 115-bedrooms with the benefit of extensive public areas, including two sun lounges; a newly refurbished bistro/coffee shop; residents’ lounges; and public bar. The business also features two function rooms with a combined capacity for 300, a further 220-cover restaurant, a self-contained three-bedroom apartment and staff accommodation.
The property will remain as a hotel with Ankur operating the business alongside the current management team.
Funding for the deal was provided by Barclays Bank plc, confirming that banks continue to have an appetite to lend in the hotel sector.
Matthew Smith, Associate Director at Christie + Co, said: “The Hilton & Royal Parade Hotel offered a unique opportunity to acquire a well-established coaching business. The quality of the business coupled with a comprehensive marketing strategy ensured that the hotel attracted a great deal of interest with multiple bids received.
“We have advised, and continue to advise many hotel owners in 2010 regarding the best solutions for their businesses. Despite the recession and the number of challenges the industry is facing, with our growing list of credible buyers we continue to sell hotels of all sizes, achieving best prices for our clients in the process.”