In a multi-million pound deal, property investors in Dubai have acquired Birmingham’s Radisson Blu Hotel out of administration.
The 39-storey property’s assets and business was bought by Royal Gulf Ltd, a firm that is part of Dubai based real estate firm Select Group, from KPMG.
KPMG was appointed administrator for the company back in December 2011. It was previously part of Beetham Hotels Birmingham.
Joint administrator at KPMG, Paul Flint, said “We are pleased to announce the sale of the business, after trading the asset profitability for over three years and retaining its position as one of Birmingham’s premier hotels. The hotel, which has 74 employees, continues to be managed by Rezidor Hotels UK Ltd”.
James Williamson, of advisors GVA, said they were happy to have helped during the deal, adding that “this is a focal property in Central Birmingham that will benefit from an owner keen to work with the operator to maximise the business”.
The hotel includes a Filini restaurant, two bars and meeting and event space.
Meanwhile insurance company Direct Line has bought its six-storey Birmingham HQ in a deal totalling £25.1 million.
The 63,393 sq ft Grade A office building on Livery Street, Direct Line House, was purchased in a deal involving a Germany property investment fund.
The property is currently let to UK Insurance Limited for a total of 20 years, which began in April of 2001.
Nick Allan, of Direct Line’s advisors DTZ said: “We are delighted to have secured this building on behalf of a core client of DTZ as part of their corporate real estate strategy”.
Story: Chris Grigorovsky
