The sale price is less than the £15 million ($24 million) the club had been looking for when it put its stake in the 160-room hotel on the market in October. The discrepancy is blamed on the weak economic climate.
The purchaser, Golden Tulip Hotel, has secured funding of £33 million ($53 million) and is looking to open up to 30 hotels over the next three years. Roughly half will be newly developed and the remainder franchises. The company already has outlets in Manchester, Birmingham and Glasgow.
The group is also considering a bid for the 13 Swallow Hotels put up for sale by Whitbread. The Dutch company that owns the Golden Tulip and Tulip Inn brands is one of Europe's largest franchise operators with about 45,000 rooms in 440 hotels spread across 46 countries.
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