Securicor is selling the three hotels owned by its Securicor Hotelssubsidiary for £26.3m.
Richmond Hill Hotel and Richmond Gate Hotel will be sold to Elmville, an associate of Regal Hotel Group, for £25m cash. Hylands Hotel, Coventry, is being sold to a private buyer for £1.3m cash. The proceeds will be used to reduce borrowings.
Securicor Hotels made pre-tax profits of £1.8m in the year to September 30, when it had a net asset value of £9.8m.
- Financial Times 31/03/98 page 28
