Blackpool FC hotel on the market for £10m
A hotel owned by Blackpool FC is on the market after a high court ruling said the club must settle a £25m debt.
The 124-bedroom Travelodge was built in 2008 and is located on Seasiders Way, close to both the Pleasure Beach and Blackpool FC. It is on the market with a £9.68m asking price.
The hotel’s listing on the open market follows a 2017 high court ruling which decreed that the owner, Blackpool Football Club (Properties) Ltd, must divest assets in order to settle a £25m debt to ex-director Valeri Belokon.
Property consultancy Lambert Smith Hampton has been instructed by joint receivers David Rubin & Partners.
Hugh Anderson, director of hotels for Lambert Smith Hampton, said: “We are seeking offers in excess of £9.68 million, which reflects a net initial yield of 5.50 per cent.
“We are currently experiencing strong activity in the hotel sector and anticipate good interest in this asset largely due to the strength of Blackpool’s tourist economy, the hotel’s location within the town and the guaranteed rental income from Travelodge.”