Hotel Room Ownership – Buy A Room. Guide: £38,000 to £68,000.
Fullshare NOT Timeshare.
Sannox Bay Hotel, Island of Arran, KA27 8JD
Currently undergoing a major renovation and refurbishment
The prices quoted are for fully completed hotel rooms that are ready to rent.
You own 100% of the hotel bedroom. A solid asset to holiday at yourself and also for family members.
Bedroom 1: £68,000
£68,000– Under Offer.
Bedroom 3: £38,000
£48,000– Under Offer.
Bedroom 5: £48,000
£38,000– Under Offer.
The tearoom is also for sale: £99,000.
It is very important to note, this is NOT timeshare. You will own your hotel room fullshare.
Although two of our former Argyll Group plc shareholders have joined together at £19,000 each for bedroom 6, totalling £38,000 between them.
One will own his part from 1st January to 30th June each year and the other will own her half between 1st July 2019 to 31st December each and every year. We are keen not to have anything that has the aroma of timeshare, but this arrangement is between two colleagues and enables them both to participate in this venture at a very modest entry level. It is entirely possible for others to purchase a hotel room in this way between them.
Our primary aim is to ensure the concept of FULLSHARE NOT TIMESHARE is the primary way we structure this hotel in the medium to long term.
This is the sea view from bedroom 2 across Sannox Bay over to the neighbouring islands of Bute and Cumbrae…
View From Bedroom 2, Sannox Bay Hotel.
OWNER HOLIDAYS: When not in use by each hotel-room-owner, the bedrooms are let to guests and holidaymakers by an onsite manager. Rooms are kept clean, heated and all outgoing bills paid.
OWNER INCOME: Hotel room owners are paid 85% of the net income from their bedroom after pro rata running costs: insurance, business rates, heating and electricity, booking costs, staff meet and greet, room cleaning and linen changing etc. 7.5% will be placed into a building maintenance fund and 7.5% into a contingency fund for any major repairs. Surpluses will be repatriated to each hotel room owners annually.
EXIT-ROUTE: You own the hotel bedroom and it is yours to sell. There is NO mortgage on the building and indeed it is a legally binding rule of hotel-room-ownership that there is no and can be no mortgage on the hotel building nor title deeds.
After the horrendous banking crisis, we simply do not trust banks (here). The hotel finances are structured in a way the building is maintained to a high standard and free from debt. If there is a bad year for tourism, then the income stream to hotel-room-owners is reduced, but the building is inviolate: it cannot be repossessed.
Hotel-room-owners can secure finance against their ownership certification. Though we would recommend not as a main purpose to this venture is to enjoy holidays at the building and have a solid, secure income stream insofar as it is possible. If you study the horrendous conduct of some banks during the last recession (here), you may well concur with our long-held view that banks are not the bastions of wise counsel and old school helpful local managers that they once were.
Hotel-room-owners have three exit routes:-
1] To sell to other owners within our hotel group.
2] To sell their hotel room on the open market.
3] If the majority by share within the building (51%) decide to place the WHOLE hotel for sale on the iopen market at some point in the future, that is the way we shall proceed.
CAPITAL APPRECIATION: We anticipate that each hotel room will increase in value over time. All capital appreciation for each individually owned bedroom belongs entirely to the hotel-room-owner.
If a future vote is taken to sell the entire hotel, then a pro rata share of the overall capital appreciation will be paid by the hotel solicitors to each room owning member.
EXPERIENCE: The founder of this project was brought up in a hotel at the next door village of Corrie. That hotel was bought in XXX for £YYY. The Blackrock House Hotel was sold in 20XX for £XXX. The island of Arran has always had a strong property market. More details and comparables will be added to this website in due course.
The group of subscribers to this specific Sannox Bay Hotel project have owned four hotels prior to this one between 1999 and 2017 and resold each at a significant profit. Indeed we have the option to sell Sannox Bay Hotel at a profit once the major renovation is completed. However, the subscribers are also keen to see whether this hotel-room-ownership idea is worthy of a proper, real world trial. There are many aspects to this idea that have merit and we are keen to see how this hotel-room-ownership project works.
The Island of Arran Has Discounted Ferry Fares
This recently caused a boom in tourism.
If this hotel-room-ownership project is a roaring success, we intend to purchase a second hotel in the Lake District, a third on the Isle of Wight or Anglesey island and a fourth in France.
The thesis being that some of our hotel-room-owners like the idea of spending a couple of months in Scotland, then a few weeks in England/Wales and perhaps three months at a chateau hotel in France for the winter. As several of us work via the internet, all we need is a decent broadband connection and a wonderful view out of the window. To have that change between hotels where each of us owns a significant chunk appeals to at least three of us here.
Please let us know if you would like to study this in more detail and possible join in with one or more hotels rooms being owned by yourself in three or four different countries.
PLEASE NOTE: The hotel is undergoing complete renovation and refurbishment. Some of the rooms have been completed and some are still having work ongoing. Therefore some sales wat this time will effectively be OFF-PLAN. That means buyers will purchase the room once it is COMPLETED. We anticipate the hotel will re-open around January/February 2020 after the Building Warrants & Planning Permission Completion Certificate etc., are all signed and in order.
When you aren’t holidaying in your hotel room, you will receive rental income.
Here is a guide plan of the hotel rooms that are for sale:-
We are currently renovating the Sannox Bay Hotel with all bedrooms being newly insulated throughout + new double glazing + new central heating + full electrical rewire + new plastering and decorating + new carpets and furniture.
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Corrie & Sannox on The Island of Arran
Please note: The photograph above, on this particular webpage – the big white Art Deco building is the first hotel that we bought in 1999. The Keil Hotel near to the Mull of Kintyre. However, shortly after purchase our group was offered significantly more for the building than we paid. After discussion, we all agreed to sell the building and distribute the profits pro rata. More on this will be added in the near future
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staff outrageous fees: click here.
less than reputable timeshare (click here)
You can use your FULLSHARE hotel room:-
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