Holiday Inn comes to Nottingham in £11m buy
Nottingham's former Dakota Hotel has been bought by Seymour Capital for £11m. The site has now been converted into a Holiday Inn hotel, with the development part-funded by Yorkshire Bank.
Seymour Capital purchased the site in Sherwood Park which has been leased to its subsidiary Signature Hotels.
The 92-bedroom venue will now operate as part of the Holiday Inn chain.
The deal has been possible after managing director Russell Allen secured funding against an £11m purchase price from Yorkshire Bank's Financial Solutions Centre (FSC) in Nottingham.
Allen said: "The 995-year lease became available and Yorkshire Bank was instrumental in making sure the deal was completed in a difficult economic market.
"We have now converted the property to a Holiday Inn which has a world-wide reputation for providing quality hotels with top-class service.
"Bookings are currently 20 per cent up on last year and we’re taking positive steps in the right direction. We expect to win back business which has been lost due to the recession over the last few years as well as secure new customers. We are feeling very confident about the future and being part of the Holiday Inn family."
