Algonquin buys Liverpool Novotel out of administration
The hotel, which previously belonged to Pederson, was placed into administration in October last year and subsequently taken over by administrators David Oprey, Richard Toone and Adrian Hyde of Chantrey Vellacott DKF.
The acquisition was made along with a ‘group of investors’, and the hotel will continue to be managed by Accor under the Novotel brand.
“We have been impressed by the quality of this asset and by the overall development of the city of Liverpool. This is our fourth hotel operated by Accor in the United Kingdom, and we are delighted to further strengthen this relationship”, said Stéphane Obadia, head of acquisitions and Development for Algonquin.
"This new acquisition is in line with our focus to build our portfolio in high-growth regional markets of the UK. We will seek to secure a growing number of opportunities as the UK hotel market continues its promising recovery”, added founder and CEO Jean-Philippe Chomette.
Pederson hotels
Novotel Liverpool Central was one of eight Pederson-owned hotels that were placed into administration and sold off between 2010 and 2013.
At the time, Chantrey’s Oprey said: "The hotels owned and operated by Pedersen are well run and generate profits but it appears that the companies have been unable to service the level of debt finance owed. This has led to the secured lender deciding to appoint us."
The 4-star, 209-room Novotel Liverpool Centre hotel opened in November 2009 in a newly-built building.
Located close to Liverpool Lime Street Station, Kings Dock and Liverpool’s Arena and Convention Centre, as well as retail development Liverpool One, it features an interconnecting bar and restaurant, an interior pool and fitness room as well as conference and banqueting facilities.
Four other Pedersen hotels in Sheffield, Winchester, Reading, Newbury and Bristol, were sold in May 2011 to separate buyers for an undisclosed sum.
Brussels-based Algonquin also has of offices in Paris and London. In 2013, the firm acquired two hotels in the UK, both operated under lease agreements with Accor (Mercure Brigstow, Ibis York).
