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Property for sale

£2,250,000

The Ascot Hotel, Empire Terrace, Douglas IM2

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Property features

  • Substantial 40-bedroom hotel
  • Prime trading position
  • Established in 1979
  • Ascot grill, which offers 90 covers
  • Turnover in the region of £700,500 per annum
  • Gross profit of approximately 80%

Property description

Substantial four storey hotel comprising 40 en-suite guest rooms ideally located within Douglas, close to the promenade. Reputable business that was established in 1979 benefits from good repeat trade and a very loyal client base.

Location
The Ascot Hotel occupies substantial four storey premises, ideally located within the capital town of Douglas on the Isle of Man. The hotel is surrounded by complimentary businesses and residential properties, just a short walk from the Central Promenade and beach, therefore, the business benefits from a high volume of footfall and passing trade. The hotel also benefits from on-street parking facilities to the front of the premises.

According to the 2011 Isle of Man census, Douglas had a residential population of 27,938. The town is very popular with tourists and holiday makers, and visitors enjoy horse-drawn tram rides along its pedestrian shopping promenade, which is dotted with 19th century buildings. There are gardens and museums located throughout the town.

The town is well served by the public transport system and Douglas railway station is approximately 2½ miles away. The area is also well served by the a-roads, with the A2 being within easy driving distance, which links to the island's a-road network.

Business
The business was originally established by our client in 1979 and is only now, reluctantly, being offered to the market due to our client's desire for a well-deserved retirement. The business operates for 11 months of the year, only closing Christmas week in December and generates a turnover in the region of £700,500 per annum, with a gross profit of approximately 80%.

The hotel offers 40 guest bedrooms, all of which are en-suite, and some boast sea views. The standard hotel rooms are tastefully furnished, offering modern and comfortable accommodation, with flat screen TVs, free WiFi and most bathroom have spa baths. The superior hotel rooms are larger, offering spacious accommodation, some of which are sea facing with more luxurious furnishings, toiletries and bottled water. The family rooms comprise of a double bed and two single beds, to sleep up to four people, all of which offer two TVs.

Dining can be enjoyed in the Ascot Grill, which offers 90 covers and is available to residents and non-residents alike. The grill has highly regarded chefs, which prepare a selection of traditional Manx cuisine and dishes from around the world. A comprehensive bar menu is also served at lunch and evening.The Ascot Hotel has years of experience in catering for weddings, special functions and events. The restaurant has a separate entrance from the hotel, enabling an event to be a private function.

The business has built up an excellent reputation within the town and further afield for the very high quality of the accommodation and services offered, which has resulted in a very loyal client base, with a high volume of repeat trade and word of mouth recommendations. The hotel has a three-year contract with Rail Discoveries, which guarantees approximately £350,000 per annum.

We feel there is scope to increase the turnover by embarking on a modest marketing campaign to promote the business and the accommodation offered.

This is an excellent opportunity for a new owner, perhaps a husband and wife team or partnership, to take this already thriving and very popular hotel business to the next level; it would also be an excellent bolt-on to an existing hotel chain, therefore, early viewing must come highly recommended to avoid disappointment.

Premises
Substantial four storey premises in an ideal trading location, briefly comprising:Substantial four storey premises in an ideal trading location, briefly comprising:

Ground floor with:
• Main door leading to reception area and bar.
• To the left of the reception is a walkway leading to the 70 cover restaurant.
• The restaurant has a double door entrance from the front aspect with high quality tables and chairs.
• Fully equipped commercial kitchen.
• To the right of reception is a fully licenced bar, with overflow seating for the restaurant, tiled flooring, 20 x covers, leather sofas, tables and bespoke bar stools.

First floor:
• 13 x double or twin rooms, all of which are en-suite.• Managers office.

Second floor:
• 13 x double or twin rooms, all of which are en-suite.

Third floor:
• 3 x large family rooms.
• 11 double or twin rooms.

The hotel has undergone a £250,000 renovation within the last two years.

Hours
The business operates all year round except for Christmas week in December.

Staff
The business is owner run and managed with 16 full time staff members.

Financial Profile
The business generates a turnover in the region of £700,500 per annum.

Tenure
Freehold.

Viewing
Viewing strictly by appointment through the Agents, Chrystals Commercial


Property info

Market activity
Average price paid Sales Current average value (Zoopla Zed-Index) Value change 0.00%

Nearby transport

  • Isle of Man Airport (9.3 miles)
  • Blackpool International Airport (63.9 miles)
  • George Best Belfast City Airport (65.3 miles)
  • Roa Island Ferry Landing (52.0 miles)
  • Piel Island Ferry Landing (52.2 miles)
  • Lake Bank (Coniston) Ferry Landing (55.5 miles)

Nearby schools

  • Whithorn School (39.1 miles)
  • Drummore School (40.6 miles)
  • St Bees Village Primary School (41.0 miles)
  • Lakes College - West Cumbria (47.9 miles)
  • Energy Coast UTC (48.5 miles)
  • Kirkcudbright Academy (48.6 miles)
  • West Lakes Academy (43.0 miles)
  • The Whitehaven Academy (44.1 miles)
  • St Benedict's Catholic High School (44.1 miles)
Note: Distances are straight line measurements

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For more information about this property, please contact
Chrystals Estate Agents, IM1 on +44 330 038 9042 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Chrystals Estate Agents, and do not constitute property particulars. Please contact Chrystals Estate Agents for full details and further information. The Running Costs data displayed on this page are provided by Zoopla to give an indication of potential running costs based on various data sources. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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