Kenilworth hotel sold for nearly £5m
Kenilworth's Woodside Hotel has been sold for £4.95million a year after it first went on the market.
The 74-room Victorian country house in Kenilworth has now been sold to developers Archel Homes.
The property was first listed for £5million by estate agent Knights Frank in October 2020, before £1million was knocked off the listing in early November.
But London-based Archel had to pay close to the original asking price as it beat off "considerable interest" from elsewhere to secure the property.
The Glasshouse Lane hotel was put up for sale just months before the then owners The Sundial Group went into administration. The group's Northamptonshire manor Highgate House put on the market at the same time.
The Sundial Group was criticised after going into administration by customers who received no formal acknowledgement that their events were cancelled.
Following the sale of the property Josh Aspland-Robinson, senior surveyor at Knight Frank, said to TheCaterer.com: "The hotel attracted considerable interest from a variety of different parties including hoteliers and developers.
"The site offers an excellent opportunity for Archel Homes and we wish them well with their future plans.
"The hotel market continues to improve and there is considerable capital chasing a limited number of opportunities, ensuring asset values remain robust."
Kenilworth Nub News has contacted Archel Homes for comment on its plans for the hotel.
But speaking to TheCaterer.com director at Archel Homes Jamie Pearson said: "We are delighted to have acquired the Woodside Hotel, where we had to perform to a tight and demanding purchase timeframe.
"It adds to our rapidly expanding portfolio of acquisitions throughout the South of England."
The land behind the hotel is set to be developed into houses, with an application for 620 homes and a primary school already approved by Warwick District Council.
(Header image by Maypm via Wikimedia commons)
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