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The Sea Hotel in South Shields has been sold off at a guide price of £1.65m to a Yorkshire buyer, who already owns and operates a number of hotels in the area, as well as a pharmacy business.
The buyer is planning to invest in and continue running the well-known 34-bedroom hotel, located beside the Ocean Beach Pleasure Park.
The hotel was first brought to market on behalf of administrators RSKM UK, which were appointed by the former operator of the property, Hotel 52 (Sea) Ltd, on 18 July 2022.
The hotel includes a 60-cover maritime restaurant, a 45-cover maritime bar and self-contained function room, and remained open with the vast majority of future bookings and events being honoured while the hotel was marketed for sale.
Lee Lockwood, RSM UK partner and joint administrator, said: “It has been a complex nine months facilitating the sale of the Sea Hotel and I am pleased we have been able to agree a sale with the new owner, which has secured the majority of future bookings.
“I would like to thank all staff and guests for their continued support and understanding during a challenging time. Given its significance as a historic building, I hope that this sale will ensure tourism continues in the area and supports the local economy for years to come.”
Robert Smithson, associate director at Colliers, added: “The size and the setting in an impressive seaside location resulted in the freehold hotel attracting interest from a variety of potential purchasers. The prime location meant it was of interest not just to hoteliers but also to developers and local investors.
“However, following the purchase by the buyer it will still be run as a hotel, its impressive range of facilities for functions as well as local leisure means it is undoubtedly set to continue attracting a good trade.”
