Hotels

Local hoteliers acquire second site in Great Yarmouth

The new owners are ‘experienced’ operators with an ‘extensive’ business portfolio in India

The Nelson Hotel in Great Yarmouth has been sold to existing hotel operators in the town off of a guide price of £900,000.

Located on Yarmouth’s Marine Parade, the Grade II listed property features 52 en-suite bedrooms and an “extensive” bar, dining and meeting room areas, including a large, newly refurbished function room for 120.

The new owners are “experienced” operators with an “extensive” business portfolio in India. The sale marks their second hotel purchase in the popular seaside resort town, having acquired the Waverly Hotel back in 2010.

The owners said they now plan to undertake an extensive refurbishment programme, similar to that completed at The Waverly, which is “now operating successfully”.

Tim Gooding, director in Christie and Co’s Hospitality team, who handled the sale, said: “The Nelson Hotel is arguably one of the best located hotels in town, so we were able to generate very significant demand when the business launched to the market, culminating in multiple viewings and offers.

“The interest generated in this sale is also reflective of the increased demand for hospitality businesses across the region since the trade reopened in May, a trend we are likely to see continuing as businesses are reporting greater year on year sales, particularly in coastal locations which are seeing good levels of demand.”

He added; “It’s heartening to see the hotel sell to an existing operator, with an extensive refurbishment on the agenda to take it to the next level. We sold the family their other hotel, The Waverley, back in 2010, and I’m sure that a comparable level of investment is likely to be seen at The Nelson, which is one of the larger hotels in the town. We wish them the best of luck.”

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