One of the most luxurious hotels in Newcastle has been put up for sale after becoming another victim of the recession.
Newcastle’s Grey Street Hotel, a Grade-II listed property, has a £3.5m asking price. It has been a popular wedding and conference venue for the last 10 years. Graham Newton and Paul James Bates, from BDO, have been appointed as administrators for the establishment.
The four star hotel is continuing to honour all bookings and are hoping to achieve a sale very soon. Julian Troup, head of UK Hotels Agency and Peter Bean, director of Colliers are handling the sale of the hotel on behalf of the administrators.
The popular boutique style 49 bedroom hotel has three suites plus several meeting or function rooms and its own cellar bar.
It is located on prestigious Grey Street amongst the magnificent Georgian buildings and Theatre Royal. It is perfectly situated for visitors who want to be in the heart of Newcastle’s city centre with dining, entertainment and shopping all nearby.
The sale also includes rental income from The Living Room, a bar and restaurant operator which leases part of the building.
Peter Bean said: “Grey Street is a first rate city centre hotel business with substantial rental income in addition to its hotel income.
“We anticipate a great deal of interest from both operators and investors.”