Administrators have agreed the sale of a freehold investment for a Birmingham hotel.
An unnamed consortium has acquired the freehold ground rent of the 110-bedroom Holiday Inn Express in Castle Bromwich.
Property consultancy LSH sealed the buyout deal on behalf of Matthew Ingram and Allan Watson, from Duff & Phelps, who were acting as administrators of SGL1 Ltd.
The hotel, which is close to junction five of the M6, was built in 1999 and refurbished in 2014 at which point it was rebranded as a Holiday Inn Express.
Martin Davis, a director in LSH’s hotels and leisure team, said: “Despite the dreadful covid-19 pandemic that has affected us all, this sale was agreed towards the end of March following a full open marketing campaign and has completed within a month.
“It is encouraging to see that there are still credible buyers with an appetite and the funds to do deals, even at this difficult time.”
Andrew Knowles, director of the restructuring team of Duff & Phelps, added: “We are delighted with the sale delivering a positive outcome for creditors in what is a historically challenging time.”