Ten bidders interested in failed George Best Hotel building

Up to 10 bidders have sought to buy the former George Best Hotel in Belfast, it has been revealed.

Administrators for the collapsed hotel project at the former Scottish Mutual Building confirmed strong interest in the listed property, however no bids matched the £7.2 million owed to the failed hotel’s chief lender.

The building was placed on the market over the summer, just over two years after Bedford Hotel Ltd collapsed into administration.

Originally launched by Liverpool developer Lawrence Kenwright’s Signature Living in 2017 as a 63-bedroom boutique hotel, administrators from Kroll were called in by lender Lyell Trading in April 2020.

A report published by Kroll confirmed that none of the offers received to date would result in Lyell Trading being repaid in full but it is understood negotiations are are still ongoing in respect of the sale.

Administrators Matthew Ingram and Michael Lennon originally found another £12.2m owed to Bedford Hotel Ltd’s unsecured creditors, including £4.76m owed to the so-called ‘bedroom investors’, made up of dozens of individuals who bought 59 of the hotel rooms ‘off plan’.

The administrators originally considered completing the hotel and allowing it to trade for a period before putting it up for sale in order to achieve the best return for the creditors.

However, after failing to raise the finance required for the build, court approval for the sale was granted in June this year.

Colliers began marketing the site in late July.

Kroll’s report said: “The interested parties that submitted the best offers were reduced to eight following a further period of buyer due diligence and negotiations.

“The joint administrators are not able to disclose any further details of the bidding process, as they do not wish to prejudice the ongoing negotiations.

“It should be noted that all of the offers received to date are at a level that would not result in the secured creditors being repaid in full.”