Hampshire hoteliers put their seven boutique hotels and cottages in Southsea on sale for £10.5m
A PAIR of hoteliers are selling their portfolio of seven boutique hotels and cottages in Southsea – and are hoping for an eight-figure sale.
Hampshire couple Daniel and Vicki Sutton are selling one of the largest collections of privately-owned hotels in the city – with offers starting at £10,500,000.
Setting up their first hotel in the area in 2004, the pair now have four hotels and three cottages that have a total of 53 en-suite guest rooms.
The portfolio includes Florence House, Florence Gardens, Florence Suites, and Somerset House, which are next to each other with a shared breakfast room and restaurant, reception, and bar. Also included in the collection are three newly created self-catering cottages, named The Clarence, Stattons, and Number Four.
All the venues are within walking distance of Eastney Beach, South Parade Pier, and the seafront.
The offer could attract property investors or new hotel operators to the city, according to Ed Bellfield, regional hospitality director in Christie & Co, the property firm handling the sale.
He said: ‘This is a unique opportunity to acquire one of the finest collections of small boutique hotels and luxury self-catering accommodation in the south of England.
‘The portfolio will appeal to both property investors and hotel operators looking to capitalise on the surge in ‘staycation’ business expected over the summer season within this sought-after coastal location.’
‘Historically, the business has generated significant profits for the owner, and the positive recent trading results since the hospitality sector reopened on 17th May indicates this is set to continue.’
The last three years have seen ‘significant’ investment to the buildings, according to the Christie & Co property expert, including the conversion of three of the existing hotels into self-catering cottages in response to the Covid-19 pandemic.
Ed added: ‘There is enormous potential in the business going forward, which is best demonstrated by the current performance of the business, particularly during the summer months when actual takings can double trade.
‘The portfolio is available for sale as a whole although, consideration will be given to cluster or multiple asset sales.’
The hotels and cottages – known as the Mercer Collection – are on the market on a freehold basis.