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100 bedroom hotel for sale

New Hacketts Hotel, Queens Promenade, Blackpool, Lancashire, FY2 9SQ

£1,750,000

Property Description

Commercial information

  • Business for sale
  • Use class orders: C1 Hotels

Full description

Tenure: Freehold

The New Hacketts is a substantial commercial hotel situated on Queens Promenade in Blackpool - one of UK's busiest seaside resorts. Having been recently refurbished throughout 2015 and 2016, the hotel has 100 en suite letting bedrooms, two spacious function/banqueting suites and well-presented dining room with bar and games room. The hotel also benefits from a fully equipped commercial kitchen and three passenger lifts which access all floors.

Blackpool is renowned as one of the UK's premier coastal tourist resorts, attracting over 10 million visitors each year, drawn to its famous landmarks and attractions. Many of these are located within a couple of miles of The New Hacketts and include The Tower and Promenade, top quality shows performing at The Winter Gardens, the illuminations and Blackpool's first ever Blue Flag Beach. In addition, Blackpool has a whole host of shopping options with high street names, independent boutiques and open air markets catering for locals and visitors alike which help extend the tourist season throughout the year.

The current owners acquired the hotel in 2014 and immediately closed the business to commence a three-phase refurbishment programme. Initially, 70 of the 100 letting bedrooms were partially or fully refurbished with the hotel partly re-opening for business in March 2015. The next phase included refurbishment to the public bars and banqueting suites with the final phase seeing completion of the remaining 30 letting bedrooms fully reopening in July 2016. The business is now in a build-up period, but the owners have worked hard to secure contracts from a number of coaching companies to complement their existing trade and are projecting healthy sales figures for the 2016/2017 season. Health reasons and retirement have now prematurely brought the business back to the market, offering the potential of a great investment opportunity.

THE PROPERTY

The New Hacketts Hotel is set in to a substantial seafront property of brick construction and under a slate roof. All of the public areas are located to the ground floor with bedrooms located to the first, second and third floors, each of which are accessed by three passenger lifts.

PUBLIC AREAS

From the main entrance, doors lead through in to a porch, in turn leading through to the reception area with wood flooring, reception counter with back office and access to passenger lifts. To the right hand side is the main dining room/restaurant which has seating for around 125 and a bar area with servery. To the left of reception is the main function suite "KKB Bar" which has capacity for around 150 and seating for a further 150 with timber servery, dance floor and DJ booth, opening in to a games room. Double doors lead to the second function room which has capacity for around 100 people with dance floor, separate WCs, modern bar servery and separate entrance to the front of the building.

LETTING BEDROOMS

There are 100 en suite letting bedrooms which are situated to the first, second and third floors of the hotel. Each of the floors are accessed by passenger lifts.

All of the rooms have been tastefully refurbished to include coffee and tea making facilities, flat screen TVs and en suite bathroom and child facilities. Many of the rooms have front facing sea views.

SERVICE AREAS

There is a fully equipped commercial kitchen with a range of commercial, stainless steel equipment and extractor system, store room, pot wash room with door to outside with cold storage room, storage area and maintenance room.

OUTSIDE

To the front of the hotel, there is private car parking and to the rear is the service areas of the hotel.

SERVICES

All main services are connected.

LICENCES

Premises Licence
Entertainments Licence

TRADE

As previously stated, the hotel has been refurbished over a period of 12 months and as such has only been partially trading for the last financial year. Therefore, turnover for the period ending April 2016 shows (net) turnover of£528,649 with EBITDA in the region of £130,000. This was based on approximately 70 letting bedrooms. The remainder of the 30 letting bedrooms came on line in July 2016 and the owners have now secured coaching contracts with five coaching companies and they are anticipating a significant improvement in turnover and profitability over the coming seasons.

Further trading accounts and supporting information can be made available to any seriously interested parties after viewing.

LEASE

New Hacketts Hotel is also being offered on a leasehold basis for £50,000 with the benefit on a new 15 year lease on a Full Repairing and Insuring basis with an annual rent of £150,000 per annum and 4 yearly rent reviews.

PRICE

Offers in the region of £1.75m are invited for the freehold complete with goodwill and trade contents (accordingly to inventory), excluding personal items. Stock at valuation.

FINANCE

Colliers International is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved.

TO VIEW

All appointments to view MUST be made through our vendor's agents who are acting with sole selling rights.


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