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.
Established in 2004, the business has established a strong reputation among key public and private sector customers in Northern Scotland and across the rest of the UK.
We are pleased to present an exceptional opportunity to acquire a well-established and profitable haulage company based in the North West of England.
This is a superb opportunity to acquire a well-established, window and door retailer/installer based in Boston, Lincolnshire, available on a leasehold basis.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.