Radisson Blu Belfast on the market for £16m

The Radisson Blu Hotel Belfast and an adjoining office building have come on the market for offers in the region of £16m.

CBRE Hotels has confirmed instructions to offer the site for sale by private treaty.

The purpose-built, 120-bedroom hotel first opened in September 2004. It has seven meeting rooms with capacity for 300 delegates, and the Gasworks restaurant, with 110 covers and an 80-cover bar.

The hotel operates under the Radisson Blu brand with a 20-year management agreement in place with SAS/Rezidor Hotels from September 2004. The operator has an option to extend the agreement for five years.

The six-floor Lighthouse office building has 60,000sq ft of office space, with flexible floor plates and a double-height reception area. The office foyer and core areas, including toilets, have recently been renovated and extended.

Paul Collins, executive director, hotels at CBRE, said: "We are expecting significant interest in the Radisson Blu hotel, which is one of the Belfast's premier offerings and has always maintained a strong occupancy rate.

"After a period of inactivity, buyers are now back in the market and keen to take advantage of acquisition opportunities in the current climate. The property is competitively priced at a significant discount to replacement cost. Belfast is one of Europe's key tourist destinations and will continue to be so.

"The adjoining extensive Lighthouse office building provides flexibility to extend the hotel facilities or to create a valuable investment."