Peel checks into Bournemouth’s Norfolk Royale

  English Rose Hotels has sold the Norfolk Royale hotel in Bournemouth to Peel Hotels for £8.25m.   The cash purchase of the 95-bedroom freehold property will be complete on 1 June.   The hotel’s turnover was £2.7m and earnings before interest and depreciation were £706,000 in the 2008 financial year, during which a £1m bedroom refurbishment was completed.   English Rose Hotels decided to sell the Norfolk Royale – its only hotel located outside of North Yorkshire – to concentrate its efforts on its core locations in and around Scarborough.   Julian Troup, corporate director at Colliers Robert Barry, said: “This is further evidence of quality hotels still selling at equitable prices despite the ongoing concerns surrounding the general economy.   “We are finding a greater willingness from certain banks to support larger hotel purchases and this sale follows our recent success in the sale of the Holiday Inn Express Crawley.   “Considerable interest was expressed in the Norfolk Royale and Peel Hotels were provided with preferred bidder status due particularly to their obvious ability to purchase and their long-term aspirations.”   Colliers Robert Barry advised English Rose Hotels; Peel Hotels was unadvised.   annabel.dixon@rbi.co.uk