Prezzo Sells The George Hotel in Bishops Stortford
September 12, 2011
Prezzo, the Italian restaurant chain led by Jonathan Kaye, has completed the long leasehold sale of the former George Hotel in Bishops Stortford, to hotelier Imdad Hussein. Prezzo will continue to trade on the ground floor of the property, and has let the first and second storeys for an undisclosed sum. The sale was handled by specialist leisure agents Davis Coffer Lyons, and Christie + Co who both acted on behalf of Prezzo.
The former George Hotel comprises approx. 8,000 sq ft including 26 letting rooms close to Stansted Airport and the M11 motorway, occupying a substantial corner premises.
Prezzo purchased the entire property in 2010 from Punch Taverns, converting the ground floor of the premises for its eponymous brand, which last month celebrated topping 150 sites across the UK. Prezzo is also redeveloping a small mews development in the car park of the site for residential use.
Last week, Prezzo reported a pre-tax profits rise 22% in H1 2011, in line with revenues that were up almost £10m as it eyes a target of 20 openings this year.