Co-op offloads two hotels in multi-million pound deal
The Manchester-based Co-operative Group, represented by international real estate adviser Savills, has sold two hotels in Cumbria and North Yorkshire to Northern Powerhouse Developments in a multi-million pound deal.
The larger of the assets is Gilsland Hall Hotel, a 90-bedroom country estate set in 140 acres of park and woodlands near Hadrian’s Wall in Brampton, Cumbria.
The property also features a lounge, restaurant and bar seating up to 160 and 70 customers respectively. Originally built in the 1760s, the hotel was destroyed by fire in 1859 and rebuilt in the late 19th Century.
The second asset is The Esplanade Hotel in Scarborough, North Yorkshire. The 70-bedroom Victorian seaside hotel is Grade II listed and offers a 100-cover restaurant, rooftop terrace and three meeting rooms catering for up to 100 delegates,
Tom Cunningham, hotels director at Savills, said: “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: “These two iconic hotels further strengthen our position within the hotel and leisure industry and reflect the positive strides we have made on the market over the past year.”
Richard Lewis, chief executive of NPD Hotels, said: “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.”
With a growing reputation within the industry, Northern Powerhouse Developments now owns and operates a portfolio of 12 hotels across the UK.
This year it also launched Afan Valley Adventure Resort, a multi-million pound activity park which will be spread over 450 acres in the valleys of South Wales.
