Author Topic: Hotel News & Gossip  (Read 304382 times)

0 Members and 4 Guests are viewing this topic.

Offline DaveR

  • Administrator
  • Posts: 13712
Re: Hotel News & Gossip
« Reply #45 on: April 09, 2013, 02:26:22 pm »
I see the newly renovated Elm Tree Hotel has been put straight up for sale:

http://www.rightmove.co.uk/commercial-property-for-sale/property-38377969.html

Offline Fester

  • Ad Free Member.
  • *
  • Posts: 6660
  • El Baldito
Re: Hotel News & Gossip
« Reply #46 on: April 09, 2013, 11:41:51 pm »
Given the owners ambition and comments heard around town about getting that establishment re-launched, I am amazed at that decision.
Fester...
- Semper in Excretum, Sole Profundum Variat -


Offline wrex

  • Ad Free Member
  • *
  • Posts: 2520
Re: Hotel News & Gossip
« Reply #47 on: April 10, 2013, 06:55:28 am »
Maybe he just has the bug now and is moving on to the Belle Vue.

Offline DaveR

  • Administrator
  • Posts: 13712
Re: Hotel News & Gossip
« Reply #48 on: April 10, 2013, 09:48:14 am »
More money to be made from buying cheaply (£250k), refurbing and then selling on, than operating as a hotel, I imagine.

Offline Blongb

  • Management board member
  • *
  • Posts: 1077
  • I love living in Llandudno.
Re: Hotel News & Gossip
« Reply #49 on: April 11, 2013, 12:41:17 am »
The All Seasons on Hill Terrace has been put back on the market by its Jewish owners because it will no longer be needed . They were expecting up to 22,000 visitors to come to Llandudno this summer to take part in the services to be conducted by Israel's Head Rabbi. Unfortunately he died a few weeks ago and the new Head Rabbi doesn't feel the same need to escape Israel's summer heat.

http://www.christie.com/en/search/property/9/substantial_detached_hotel_north_wales_for_sale_44206?1365636566

P.S. The other SUBSTANTIAL HOTEL up for sale on the same page is The Evans Hotel on Charlton St.

http://www.christie.com/en/search/property/7/substantial_hotel_llandudno_for_sale_43894?1365636566
Quot homines tot sententiae: suus cuique mos.
(There are as many opinions as there are people: each has his own view.)

Offline majormellons

  • Ad Free Member
  • *
  • Posts: 123
Re: Hotel News & Gossip
« Reply #50 on: April 11, 2013, 01:51:09 am »

P.S. The other SUBSTANTIAL HOTEL up for sale on the same page is The Evans Hotel on Charlton St.

http://www.christie.com/en/search/property/7/substantial_hotel_llandudno_for_sale_43894?1365636566

Isn't that the Broadway Hotel?

Offline Fester

  • Ad Free Member.
  • *
  • Posts: 6660
  • El Baldito
Re: Hotel News & Gossip
« Reply #51 on: April 11, 2013, 08:31:50 am »
That picture is indeed The Broadway Hotel.

However, I hear that The Evans Hotel (Vaughan Street) is also for sale.
Fester...
- Semper in Excretum, Sole Profundum Variat -

Offline Blongb

  • Management board member
  • *
  • Posts: 1077
  • I love living in Llandudno.
Re: Hotel News & Gossip
« Reply #52 on: April 17, 2013, 04:19:38 pm »
I read in the Daily Post today that The Esplanade Hotel on Glan-y-Mor Parade is up for sale for £1.2m. 59 en-suite rooms.
Quot homines tot sententiae: suus cuique mos.
(There are as many opinions as there are people: each has his own view.)

Offline Cat Stevens

  • Member
  • Posts: 101
Re: Hotel News & Gossip
« Reply #53 on: April 19, 2013, 02:44:40 pm »
Interesting point the Elm Tree on the market for £625k with no trading accounts. Banks will not lend without water tight trading account. Without trade shouldn't be worth more than £350k and especially in view of its recent trading history.
Anyone got any knowledge as to what is being proposed for the old winter Garders site (pier). Seen a few surveyor type suits with hard hats there recently.

Offline Blongb

  • Management board member
  • *
  • Posts: 1077
  • I love living in Llandudno.
Re: Hotel News & Gossip
« Reply #54 on: April 19, 2013, 05:09:57 pm »
Interesting point the Elm Tree on the market for £625k with no trading accounts. Banks will not lend without water tight trading account. Without trade shouldn't be worth more than £350k and especially in view of its recent trading history.

If you have to borrow money to buy a small Hotel (10 to 20 bedrooms) along the North Shore you will never make it pay and even with water tight trading accounts the Banks won't lend you money to buy one. As for the Elm Tree only being worth £350k in its current state it's worth a good deal more than that, even without trading figures.
Quot homines tot sententiae: suus cuique mos.
(There are as many opinions as there are people: each has his own view.)

Offline Cat Stevens

  • Member
  • Posts: 101
Re: Hotel News & Gossip
« Reply #55 on: April 19, 2013, 05:35:38 pm »
A business without trading accounts is only worth the value of its bricks and mortar.
A business with trading accounts is only worth a factor of its bottom line

Offline DaveR

  • Administrator
  • Posts: 13712
Re: Hotel News & Gossip
« Reply #56 on: April 19, 2013, 07:07:27 pm »
Interesting point the Elm Tree on the market for £625k with no trading accounts. Banks will not lend without water tight trading account. Without trade shouldn't be worth more than £350k and especially in view of its recent trading history.
I remember thinking when it sold for £250k that you'd be hard pushed to find a house that big for the money anywhere else...especially with that view!
Anyone got any knowledge as to what is being proposed for the old winter Garders site (pier). Seen a few surveyor type suits with hard hats there recently.
No doubt another go at a hotel on the site. Unless the design changes radically, the owner has not a chance of success.

Offline DaveR

  • Administrator
  • Posts: 13712
Re: Hotel News & Gossip
« Reply #57 on: April 19, 2013, 07:33:21 pm »
A business without trading accounts is only worth the value of its bricks and mortar.
A business with trading accounts is only worth a factor of its bottom line
A third example could be a hotel business that trades fairly well but the hotel itself is worth far more as a development site. So, the owner runs the business down, claims it is no longer viable and sells it for a price considerably higher than its value either as a business or a hotel property. We could call this the 'penmorfa' option, maybe?  ;)

Offline Michael

  • Ad Free Member
  • *
  • Posts: 1623
Re: Hotel News & Gossip
« Reply #58 on: April 19, 2013, 07:59:06 pm »
  That reads like a shrewd observation

Offline Cat Stevens

  • Member
  • Posts: 101
Re: Hotel News & Gossip
« Reply #59 on: April 19, 2013, 09:58:49 pm »
To buy a business with no trading account in the hope that you can convert to a residential property is risky and therefore requires a low selling price IE 250k. you soon find yourself at the mercy of the council as one will require planning consent to convert from a hotel business that pays non domestic rates to a private dwelling paying much reduced domestic rates.