Wed, 11 Apr 2012 | COMMERCIAL PROPERTY
The Vermont Hotel in Newcastle upon Tyne has been bought out of administration for an asking price of £9 million.
The property was purchased from Christie & Co and Colliers International Hotels by Gainford Care Homes on behalf of Deloitte, which was handling the administration.
Jonathan Parrish, head of investment at Christies, and Julian Troup, head of UK hotels agency at Colliers, told Caterer and Hotel Keeper: “The sale of The Vermont hotel is one of the biggest hotel transactions that have taken place in the North East in recent years.
“The sale is a renewed reminder that there is continued appetite for well-located hotels, particularly those that offer potential to trade at an improved level.”
He added that a “multitude of different types of buyers” approached the firm with regards to the sale, but Gainford was selected as the most favourable.
The buyer now intends to get underway with a substantial refurbishment programme in order to secure the hotel's position in the city's “top flight of hospitality offerings”. Indeed, around £3 million has already been promised for the building's renovation.
A spokesman for the Gainford Group stated that the acquisition will both secure existing jobs and create further positions in the future.
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