Scarborough hotel acquired in multi-million pound deal

Northern Powerhouse Developments has acquired a Grade-II listed hotel in Scarborough from the Co-operative Group.

The Esplanade Hotel is a 70-bedroom Victorian seaside hotel, which offers a 100-cover restaurant, rooftop terrace and three meeting rooms catering for up to 100 delegates.

The Co-operative Group, represented by international real estate advisor Savills, also sold Gilsland Hall Hotel near Hadrian’s Wall in Brampton, Cumbria, to Northern Powerhouse Developments

The two hotels were acquired in a multi-million pound deal.

Tom Cunningham, hotels director at Savills, commented: “Gilsland Hall Hotel and The Esplanade Hotel are well-established in their respective markets, with each providing multiple income streams through a diverse mix of bedroom, conference and dining facilities.

“As such, they are attractive investments and we are pleased with the strong sale price achieved on behalf of our client.”

Gavin Woodhouse, chairman of Northern Powerhouse Developments, added: “We are delighted to have completed on the sale of these two iconic hotels which further strengthens our position within the hotel and leisure industry and reflects the positive strides we have made on the market over the past year.”

Richard Lewis, CEO of NPD Hotels, also commented: “Gilsland Hall and The Esplanade are two hotels which given their history and location will prove to be hugely successful acquisitions.

“We look forward to restoring them to their former glory and opening the doors to a new generation of visitor.”

Northern Powerhouse Developments now owns and operates a portfolio of 12 hotels across the UK.