The Cairn Hotel Group has acquired the Imperial Hotel in Newcastle-Upon Tyne for an undisclosed sum; a year after former owner Swallow Hotels put the property on the market.
The 122-bedroom hotel, which was put on the market along with eight other Swallow Hotel properties in October last year, includes the 80-cover Chapters Restaurant, a 50-cover Library Bar; seven meeting rooms, a leisure club featuring a swimming pool, spa bath and gymnasium; and a two-storey, 120-space car park.
The Cairn Hotel Group, which currently operates 16 hotels across England and Scotland including the Barkston Gardens Hotel in Earl’s Court, London, plans to invest a ‘substantial sum’ into re-positioning The Imperial Hotel.
Sebastian Meredith, associate director at Christie & Co who negotiated the deal, said: “Building upon their North East network of hospitality businesses, Cairn Hotels has continued to grow in recent years with hotels in London and other parts of the South East. This sale is further evidence of ongoing demand in the hotel market for substantial assets where the vendors were seeking offers in the region of £5m for their freehold interest.”
F&C Reit Asset Management instructed Christie & Co to put nine Swallow Hotel properties on the market in October last year.