Mon Mar 27, 2017 5:30 pm
Here are a few key bits:
At the Coal Exchange, investors have bought all 200 rooms at about £80,000 a room, or £250/sq ft, says Kenwright, adding that this compares with Cardiff’s residential value of £300/sq ft.
The plan is to borrow to cover the rest of the cost of what will create an investment worth £40m. After three years and up to seven years, Signature has the right to buy back the rooms, giving the investors an 8% profit. It is a strategy that enables Signature to be both owner and operator of its hotels.
In response to those who describe the refurbishment as nothing more than cosmetic, Kenwright points out that he has already removed 770 tons of rubbish from the Coal Exchange, and expects to remove as much again.