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UK hotels group Swallow Hotels and London and Edinburgh Inns is close to selling the remainder of its property portfolio. The group, which entered administration just over one month ago, has been slowly working through its 953 hotels and pubs with a view to selling.
Investment group Flodrive purchased 242 pubs and hotels in September, which will be operated under the newly created name Oxford Hotel and Inns Management.
Ernst & Young spokesperson for the sale Vikki Connybeer confirmed to ABTN that on Thursday October 12 Brook Hotels purchased eight properties”six of which are hotels. Seven hotels and forty-two pubs have closed and Connybeer said: ”We”ve had to walk away from those sites still with tenants.”
The two deals have resulted in 90 of Swallow”s properties still up for sale. Administrators Ernst & Young issued a final deadline for potential buyers to suggest a price for 40 pubs and 50 hotels. The deadline closed last week and Connybeer revealed: ”We”ve had some good offers and we will announce the successful buyer next week.”
Keep an eye on abtn.co.uk for more updates.