FREE tenancy agreement
FREE landlord softwareThe future of buy-to-let company Owner Hotels is uncertain with reports suggesting it is just days from entering administration.
The company, which operates hotels in Hull and York, uses a model where an investor buys a hotel room on a 999-year leasehold basis with prices ranging from £70,000 to £120,000.
The investor is then entitled to stay in the hotel for up to 52 nights a year free of charge, receive 50% of the net room rate, with a guaranteed annual return.
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According to the latest reports in the Caterer one leading hotel investment company claims that the business model is not dead.
The managing director of the Skelwith group, which is developing the Flaxby Country Club in Yorkshire, has denied that the buy-to-let business model is flawed.
Following reported financial difficulties at Hull-based Owner Hotels last week, and the collapse of buy-to-let firm GuestInvest in October last year, Paul Ellis, Skelwith Group’s managing director, said the model remained viable.
Ellis said that other companies using the buy to let model had failed because the locations had been wrong and they had tried to “manufacture” a market for the hotel.
He said that sales at Flaxby Country Club, which is located off the A1 in Yorkshire and has investors that include Michael Vaughan and Lee Westwood, had been strong so far, with 260 of its 300 rooms available sold and £70m in revenue generated.
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