Wed, 29 Feb 2012 | COMMERCIAL PROPERTY
The Staybridge Suites hotel in Newcastle has gone up for sale following the collapse of the Newcastle subsidiary of Trinity Hotels last year. Administrator Zolfo Cooper has instructed DMZ to market the hotel.
The popular Staybridge Suites hotel is close to Newcastle’s centre and has been voted one of the city’s best hotels on review site TripAdvisor. The hotel aims to offer accommodation for longer stays and particularly targets business travellers with its studio and one-bedroom suites with fitted kitchens and living areas. The hotel also boasts a shop and fitness suite.
Fraser Gray, partner in Zolfo Cooper, told nebusiness.co.uk, “Despite considerable successes since opening, a debt burden has led to the need for the appointment. We are looking to achieve a sale of the business as a going concern and are hopeful of a successful outcome."
He added, “This is clearly a very attractive hotel, ideally located for both business and tourism, and we would welcome enquiries from any interested parties.”
Gray confirmed that the seven-storey hotel will continue to trade as normal until a sale is agreed.
Richard Candey, Head of Hospitality at DTZ, commented, “The extended stay concept is gaining popularity with customers in the UK. Staybridge Suites Newcastle achieved 78 per cent occupancy in 2011 in only its second full year’s trading, testament to a popular brand concept and a resilient local market. We anticipate strong interest from a wide range of hotel investors."
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