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Brighton hotel The Grand to be sold
The Grand is to be renovated and put on the market with a multi-million pound price tag.
The De Vere Group has announced a £4.2 million spending programme on improvements to the iconic hotel in Kings Road, Brighton.
It plans to sell the property after the refurbishment has been completed.
De Vere Group chief executive Andrew Coppel said the upgrade at the hotel will include a new spa, an improved bar and refurbished bedrooms.
The sale of The Grand will help De Vere to repay its £1.1 billion debt, all of which is held by Lloyds Banking Group. The 150-year-old hotel was rebuilt in 1984 following an IRA bomb which ripped through the property during the Tory Party conference.
It is one of 1,200 listed buildings in the city. A deluxe king-sized room costs £235 a night.
But in recent years it has faced competition from more fashion-conscious brands such as Hotel du Vin in Ship Street, Drakes in Marine Parade andmyhotel in Jubilee Street.
The Grand has been part of the De Vere Group portfolio for more than 20 years.
Mr Coppel said: “We will focus on golf hotels. We will spend £4.2 million on upgrading The Grand and I would expect that we will get £55 million back. We are spending the money because we feel the investment is worth it. The Grand is an iconic property and it is the ‘place to stay’ hotel on the south coast.”
For the full story see today's Argus.