It’s interesting to review the restaurant, pub and hotel industry through the eyes of the property world as it usually presents a slightly different view to that reported in the consumer and popular press.
Signs that the market is in good shape, that there is an appetite for well known brand names and good operators and that funding is available for the right sorts of deal are out there:
Prezzo acquired 11 leases, the business and assets from Paramount Restaurants’ Caffe Uno Brasseries for £3.1m. Three restaurants operate under the Caffe Uno brand, two under Il Bertorelli and six under Brasserie Gerard. (Estate Gazette 28 August 2010).
Northern Irish developer McAleer & Rushe is lining up German opened ended fund manager Commerz Real to forward fund its hotel scheme on Southbank, SEI. They are understood to be in negotiations over a £60m forward purchase of the KKR Architects designed development at 46-49 Blackfriars Road (Estates Gazette 28 August 2010).
Antony Spencer’s Stadium Capital Holdings has signed three Michelin starred ched Hiroyuki Kanda to open a restaurant and sushi-training academy at Highbury Studios, teh commercial element of the reference around Arsenal Football Club’s Emirates stadium. (Estates Gazette 16 October 2010).
Pizza Hut is running ads in the property media that it is seeking 50 more sites a year.
Yet there are still signs that some operators in the market are struggling:
Administrators appointed CB Richard Ellis Hotels to sell five properties owned by collapsed hotelier Eton Group for around £60m, the hotels include the 69 bedroom Threadneedles in the City, the 65 bedroom Glasshouse in Edinburgh, the 49 bedroom Academy in Bloomsbury, WC1, the 49 bedroom Colonnade in Little Venice, W9 and the 45 bedroom Quebecs in Leeds. (Estate Gazette 28 August 2010).
And the historic Sir Christopher Wren’s House Hotel and Spa in Windsor (a 4 star 96 bedroom hotel) is being offered for sale by Knight Frank on the instructions of administrators. Investors in the 197 bedroom Four Seasons in Dublin which instructed CB Richard Ellis Hotels to sell the 5 star property which cost £79m to develop in 2001 and was backed with 50m Euros of funding from Anglo Irish Bank (Estates Gazette 16 October 2010). Closer to home, Gerard Nolan is looking to sell the freehold interest on 40 Marsh Wall – a Canary Wharf Hotel site with planning for a 5 star luxury hotel covering 39 storeys with 305 bedrooms.
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