Following the receipt of a business plan setting out the option of expanding the business at this iconic cricket venue the Ageas Bowl (formerly the RoseBowl) cricket ground near Southampton sought to develop a hotel and press facilities to expand their core business and attract international cricket matches. Eastleigh Borough Council, recognising the importance of the stadium as an important regional tourism asset supported this aim in making the hotel project viable and providing finance for the sale and leaseback of the stadium itself. During a two year period this required sector specific independent input on a range of issues from an independent review of the original TRI feasibility study through to a post opening business review.
Our role
Our role initially provided a review of the independently prepared hotel feasibility study followed by commercial due diligence in subsequent stages through working alongside EBC’s professional and legal team and Stadium management to progress the hotel project. This included considering the relationship between hotel and stadium, appointing an operator, choosing a franchise and coordinating other input including an economic tourism assessment. A subsequent stage of work was to assess the hotels trading against the original assumptions adopted in the financing . This involved meeting with management, reviewing the business plans, anlaysing trading patterns, understanding the changes that had taken place at the hotel over time and new market conditions.
Outcome
The Hilton Hotel has been open and trading after many challenges in its initial gestation and this remains a unique project both in its integration of tourism, property and hospitality related issues and in the nature of the support EBC provided to the development of the hotel.
