Blackpool has £73m worth of hotels for sale
Tiffany PhillipsBlackpool has put up for sale about 300 accommodations, consisting of hotels, guest houses and self-catering apartments, on the market in the last 12 months representing a total value of £72million.
The total cost of hotels and guest houses on the market in the resort was at just under £55m 2 years ago.
The global economic downturn has meant that several hundred landlords are still looking for buyers for their properties.
Real estate experts have blamed the staggering increase of hotels for sale at Blackpool on the banks, who they say have become frigid lenders for people interested in buying guest houses.
The Gazette’s Property Finder magazine features a dozen pages showing small, medium and large properties, many of which have been available for years.
According to commercial property partner at Napthens Martin Long, the banking crisis has prevented many hoteliers from selling their properties.
But he said that Blackpool was at about the same level as other seaside resorts.
He added that the usual buyers haave always appeared to be individuals who have a lot of equity on their current homes and have chosen to venture out into a different opportunity. Despite the fact that some people have a good deposit, banks are presently unwilling to lend any money for this kind of property.
This means that properties which usually sell within weeks have stayed on the market for several months.
Martin Long said that the market will have to wait until banks decide to lend again. He added that until then, the market can expect several more millions tobe added to the current volume.
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Filed under Business & Finance, Hotel Chains, UK News