The Mercer Collection, a portfolio of seven high-end boutique hotels and self-catering cottages located across Southsea, Portsmouth, has been brought to the market off a guide price of £10.5m.
The Mercer Collection was established in 2004 by Daniel and Vicki Sutton, a Hampshire-based couple.
Significant investment has been made to all of the assets since 2018, including the conversion of three of the existing hotels into self-catering cottages, in response to the Covid-19 pandemic.
The full portfolio comprises four hotels: Florence House, Florence Gardens, Florence Suites and Somerset House located adjacent to each other with a shared breakfast room/restaurant, reception and bar, along with the three newly created self-catering cottages: The Clarence, Stattons and Number Four.
A total of 53 ensuite guest rooms are set across the seven properties – all within walking distance of Eastney Beach, South Parade Pier and the Victorian seafront.
Ed Bellfield, regional hospitality director at the Christie and Co South team, who is handling the sale said that the portfolio will appeal to both property investors and hotel operators looking to “capitalise” on the surge in staycation business “expected over the summer season.”
He said: “Historically, the business has generated significant profits for the owner, and the positive recent trading results since the hospitality sector reopened on 17th May indicates this is set to continue.
“There is enormous potential in the business going forward, which is best demonstrated by the current performance of the business, particularly during the summer months when actual takings can double trade. The portfolio is available for sale as a whole although consideration will be given to cluster or multiple asset sales.”