Thu, 13 Jun 2013 | BUSINESS SALE
A leisure group has bought Grey Street Hotel in Newcastle upon Tyne out of administration.
The boutique city centre hotel was put in to administration in November 2012 after struggling to deal with an ongoing decline in visitor numbers.
It has now been purchased by the Malhotra Group, which has plans to invest heavily in the company, renovating the entire hotel and returning the business to its former glory.
Meenu Malhotra, from the Malhotra Group, commented: “We are delighted to have acquired the hotel. It is an ideal addition to our already flourishing hospitality and leisure division. We are glad that we have been able to take on such an iconic building and we look forward to putting our stamp on it.”
The Grey Street Hotel has continued to operate as a 50-bed hotel during its time in administration. It is also a well-known wedding and conference venue and has a popular bar in its cellar. The Malhotra group are expecting these existing facilities to compliment their plans for the development of another five star hotel and leisure complex on the same street.
The group already owns a number of other leisure venues around the city, including Louis' Restaurant, Scalini's and Osborne's in the upmarket residential suburb of Jesmond.
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