All six Peel Hotels properties remain up for sale for ‘the right price’

The executive chairman of Peel Hotels has said that any of its six hotels are still up for sale for those willing to pay “the right price”.

Robert Peel told The Caterer that the company was aiming to pay off its debt, which accounts for 25% of the group’s asset value.

He is especially keen to achieve this “in a time of high interest rates”.

Peel, who was appointed to the board of Peel Hotels in 1997, said: “We want to realise some cash to pay that debt. I’m saying if any of our hotels could be sold at the right price, we will. There’s no specific hotel on the market. Any one of our six hotels is available.”

It comes after the Telegraph & Argus reported earlier this week that the Midland hotel in Bradford (pictured), which is currently owned by Peel Hotels, was on offer at a guide price of £3m.

Over the past year, Peel Hotels has put several of its properties up for sale, which include the Caledonian hotel in Newcastle, the George hotel in Wallingford, and the Norfolk Royale hotel in Bournemouth.

Peel confirmed that the group had received offers across its portfolio but that they were “not ones we want to accept” as of yet.

He added: “This is not just a process that has happened in the last month but for a fair amount of time. In the meantime, we are trading very well. It’s probably one of the lowest geared companies in the country. It’s not as if debt is a problem; it’s that age is a problem. I’m 76. I don’t want any debt.”

Peel said that he will cease to manage any of the hotels if they are sold to a third party.