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De Vere Puts Four Hotels up for Sale

LONDON-The De Vere Group has put four of its UK hotels worth pounds 40 million ($73 million) up for sale. The more follows a review of the 35-strong UK portfolio.

By Graham Parker | Updated on January 08, 2004

LONDON-Hotel operator De Vere has put four of its UK properties up for sale. The De Vere Bellhouse at Beaconsfield, Buckinghamshire; the De Vere Dormy in Bournemouth, Dorset and two Village Hotels at Swindon, Wiltshire and Prestwich, Manchester have a combined book value of £40 million ($73 million).

The De Vere and Village formats focus heavily on leisure, and the two main hotels are thought to be too small to support a full-scale leisure offer. The two Village properties are early examples of the format, which typically consists of a mid-market, hotel with around 100 bedrooms, a 40,000-sf health & fitness club and extensive food and beverage operations. But the sales do not mark a retreat from the format for De Vere: there will still be 12 Villages in the portfolio with more under construction and further sites in the pipeline.

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