Riverside Capital has completed the sale of its’ stake in Best Western Cresta Court Hotel, Altrincham. The sale was completed by way of an MBO, backed by Vine Hotels Ltd, the hotel operating company owned by Greg Dyke.
Having originally acquired 80% of the business in February 2013, the 140-bedroom property has been significantly upgraded during the four year hold period.
As a result, investors have doubled their money with the sale completing exactly in line with the original business blueprint. Comparing the MBO to an open market sale, the price achieved would equate to £8.0 million.
Ashley Wilcox, Director at Riverside Capital said: “Cresta Court has been a fantastic project to be a part of. Doubling our investors’ money and turning the fortunes of the well regarded hotel has been incredibly satisfying.”
Dominic Wright, Group Chief Executive at Riverside Capital said: “Commercial property continues to be a highly attractive asset class for private investors – especially well-priced, well situated assets like this with a major brand name attached.
“The impressive returns demonstrate why commercial property can play an important role within portfolios, and underline the value of strategic asset management.”