The leading independent global property consultancy, Knight Frank, has completed on the sale of Holiday Inn Express Channel Tunnel Folkestone on behalf of Stellar Asset Management to London & Regional off a guide price of £8.5M.
The purpose-built hotel, which is located half a mile from the Eurotunnel Terminal, has been sold subject to a franchise agreement with IHG and free from management to L&R who will incorporate the asset into their Atlas portfolio.
The 100-en suite bedroom hotel sites on 1.1-acre site also offers a spacious restaurant and bar which caters a maximum of 72 covers, an external decked terrace area, four modern meeting rooms and on-site parking for approximately 90 vehicles. Having been refurbished in 2018 to IHG’s Holiday Inn Express Generation 4 standard, each room also comprises a mix of freestanding and built-in furniture with contemporary style furnishings, telephone, flat screen television, Wi-Fi, hairdryer and tea and coffee making facilities.
The hotel is located at the end of Cheriton High Street, to the west of Folkestone town centre close to Junction 12 of the M20. It benefits from strong footfall, with 2.2 million passenger vehicles and 1.3 million trucks using the Folkestone Eurotunnel Terminal each year whilst making the crossing from the UK to France. The hotel attracts a mixture of leisure and business travellers given its proximity to one of the UK’s busiest transport hubs in Europe.
Dover Ferry Terminal is also nearby, approximately 12.5 miles from the hotel, providing ferry services to Calais and Dunkirk in France. Additionally, Ashford International Station is located 13 miles away (a 20-minute drive), which provides Eurostar services to Paris, Lille and Brussels.
Henry Jackson, Head of Hotel Agency at Knight Frank, commented: “We are delighted to have completed on the sale of the Holiday Inn Express Folkestone, which is a highly-profitable and resilient asset given its proximity to the Eurotunnel Terminal. The hotel benefits from excellent amenities following a comprehensive refurbishment in 2018 and is well-positioned for future success.”
