Two of Fenland’s oldest hotels hit the market with combined price tag of almost �1million
THE search for buyers for two of Fenland’s oldest hotels has begun.
International estate agents Colliers have been asked to find a buyer for the Rose and Crown after the 30-bedroom Wisbech hotel fell into receivership earlier this month. The freehold guide price for the 600-year-old hotel is �500,000.
Also on the market is the 13-bedroom White Lion Hotel, on the South Brink, which carries a freehold guide price of �450,000.
Administrators had hoped to keep the Rose and Crown open after flamboyant hotelier Jonathan Davies was forced to quit his beloved hotel three weeks ago. But the Grade-II listed building is currently boarded up.
Colliers describe the Rose and Crown as a “landmark hotel” with “tremendous opportunity and potential”.
Advertising the Rose and Crown on their website, Colliers state: “A degree of refurbishment and investment is required in order to bring the hotel to a suitable standard.
“However, there is no doubt that there are significant opportunities within the area to win commercial and leisure business if the hotel is correctly positioned within the market.
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“Trading information is not available, which we appreciate could be a concern for some buyers, yet a very realistic selling price has been set which reflects the significant size of the asset and we would anticipate that this would more than compensate.”
Advertising the White Lion, Colliers state: “Our client purchased the hotel in 2003 and traded the business himself for a number of years before creating a lease which enabled him to concentrate on other business interests.
He has now decided that, when the existing lease ends, he will seize the opportunity to realise its freehold value; hence the reason for placing the hotel on the market. Undoubtedly with limited trading history being available, this may cause concern for some buyers. Yet having set a very realistic selling price for a property of this size we would hope that this will more than compensate.”