40 bedroom hotel for sale

Empire Terrace, Isle Of Man, IM2

£2,250,000

Property Description

Commercial information

  • Business for sale

Key features

  • FREEHOLD
  • REF 12725

Full description

Tenure: Freehold

LOCATION
The Ascot Hotel occupies substantial four storey premises, ideally located within the capital town of Douglas on the Isle of Man. The hotel is surrounded by complimentary businesses and residential properties, just a short walk from the Central Promenade and beach, therefore, the business benefits from a high volume of footfall and passing trade. The hotel also benefits from on-street parking facilities to the front of the premises.

Douglas is the capital and largest town of the Isle of Man. It is located at the mouth of the River Douglas, on a sweeping bay of two miles. The River Douglas forms part of the town's harbour and main commercial port. The town serves as the island's main hub for business, finance, legal services, shipping, transport, shopping and entertainment. The annual Isle of Man TT races start and finish in the town.

According to the 2011 Isle of Man census, the town had a residential population of 27,938. The town is very popular with tourists and holiday makers, and visitors enjoy horse-drawn tram rides along its pedestrian shopping promenade, which is dotted with 19th century buildings. There are gardens and museums located throughout the town.

The town is well served by the public transport system and Douglas railway station is approximately 2 miles away. The area is also well served by the A-roads, with the A2 being within easy driving distance, which links to the island's A-road network.

BUSINESS
Hilton Smythe is delighted to welcome to the market this very popular and busy hotel business, which is ideally located in the town of Douglas, Isle of Man.

The business was originally established by our client in 1979 and is only now, reluctantly, being offered to the market due to our client's desire for a well-deserved retirement. The business operates for 11 months of the year, only closing Christmas week in December and generates a turnover in the region of 700,500 per annum, with a gross profit of approximately 80%.

The hotel offers 40 guest bedrooms, all of which are en-suite, and some boast sea views. The standard hotel rooms are tastefully furnished, offering modern and comfortable accommodation, with flat screen TVs, free WiFi and most bathroom have spa baths. The superior hotel rooms are larger, offering spacious accommodation, some of which are sea facing with more luxurious furnishings, toiletries and bottled water. The family rooms comprise of a double bed and two single beds, to sleep up to four people, all of which offer two TVs.

Dining can be enjoyed in the Ascot Grill, which offers 90 covers and is available to residents and non-residents alike. The grill has highly regarded chefs, which prepare a selection of traditional Manx cuisine and dishes from around the world. A comprehensive bar menu is also served at lunch and evening.

The Ascot Hotel has years of experience in catering for weddings, special functions and events. The restaurant has a separate entrance from the hotel, enabling an event to be a private function.

The business has built up an excellent reputation within the town and further afield for the very high quality of the accommodation and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations. The hotel has a three-year contract with Rail Discoveries, which guarantees approximately 350,000 per annum.

We feel there is scope to increase the turnover by embarking on a modest marketing campaign to promote the business and the accommodation offered.

This is an excellent opportunity for a new owner, perhaps a husband and wife team or partnership, to take this already thriving and very popular hotel business to the next level; it would also be an excellent bolt-on to an existing hotel chain, therefore, early viewing must come highly recommended to avoid disappointment.

PREMISES
Substantial four storey premises in an ideal trading location, briefly comprising:

Ground floor with:

Main door leading to reception area and bar.
To the left of the reception is a walkway leading to the 70 cover restaurant.
The restaurant has a double door entrance from the front aspect with high quality tables and chairs.
Fully equipped commercial kitchen.
To the right of reception is a fully licenced bar, with overflow seating for the restaurant, tiled flooring, 20 x covers, leather sofas, tables and bespoke bar stools.

First floor:

13 x double or twin rooms, all of which are en-suite.
Managers office.

Second floor:

13 x double or twin rooms, all of which are en-suite.

Third floor:

3 x large family rooms.
11 double or twin rooms.

The hotel has undergone a 250,000 renovation within the last two years.

TENURE
We are advised Freehold.

HOURS
The business operates all year round except for Christmas week in December.

STAFF
The business is owner run and managed with 16 full time staff members.

FINANCIAL PROFILE
The business generates a turnover in the region of 700,500 per annum.


To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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To view this property or request more details, contact:

Hilton Smythe, Bolton

20 Wood Street, Bolton, BL1 1DY

01204 299002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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