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The Crowne Plaza Newcastle – Stephenson Quarter hotel has been acquired by Crossco (1467) Limited, a company owned by Newcastle City Council for an undisclosed sum.
The hotel, which is part of the Intercontinental Hotel Group (IHG), entered into administration and appointed Alison Grant and Sarah O’Toole of PwC as administrators on 28 March 2025.
The transaction included the transfer of all 135 employees, and the hotel will continue operating with all customer bookings remaining unaffected.
The hotel was opened in 2015 and has over 250 rooms with a range of amenities, including food and beverage, conferencing, spa and leisure.
The directors of the hotel said: “The Crowne Plaza Newcastle – Stephenson Quarter, has been an outstanding trading success for the past six years, recording phenomenal ‘best in class’ figures since the country came out of lockdown. The hotel maintains strong operational performance, nevertheless, external market conditions have impacted the overall valuation of the hotel.
“Leading by example, our focus has always been on making sure that guests enjoy their stay and wish to return, that staff feel valued and think it’s a great place to work, and that we trade as successfully as possible for the benefit of all stakeholders, including funders and the wider community.”
They added: “As we close the chapter on our ownership, we would like to thank our guests over the years for choosing us and our team members for their hard work and dedication. We sincerely hope that the hotel continues to prosper under its new stewardship.”
Mark Nicholson, Newcastle City Council’s chief finance officer, concluded: “The parties have worked together to try to reach a solvent solution for Stephenson Hotel Limited, the owner of the Crowne Plaza Newcastle – Stephenson Quarter, however, the level of debt involved was too high for this to be possible. Following independent advice, I am pleased that we have now managed to reach an agreement to acquire the hotel from Stephenson Hotel Limited.
“All existing staff will transfer to the wholly owned company set up by the council with the same terms and conditions of employment. There will be no disruption to hotel bookings and the hotel will continue to trade as normal. The hotel is performing well and has a bright future. While it is regrettable that a solvent solution was not achievable, I believe this is the best possible outcome for the hotel, its staff and the residents of the city.”
