An historic hotel in Piercebridge has been acquired by expanding hotel group Shepherd Cox off an asking price of £1.2m.
After a competitive bidding process, the George Hotel, situated on the banks of the River Tees, was snapped up by the property and hotel group to take the number of hotels in its portfolio to 12.
The 32-bed hotel, which dates back to the 16th century, has been transformed over the years from its beginnings as a coaching inn and is now a popular wedding venue.
The main building comprises a lounge and bar, a ballroom, restaurant and eight bedrooms, while two additional buildings consist of 24 bedrooms. The site also is home to staff accommodation and extensive gardens.
Now new owners Shepherd Cox have already planned a number of upgrades to the property in a bid to extend its offering.
The group has acquired several hotels through Christie + Co in the last 18 months, including Allerton Court in Northallerton, The White Rose at Leeming Bar and The Grand Hotel in Hartlepool.
Mark Worley, director at Christie & Co’s Newcastle office handled the sale and comments: “The vendor is a regional multi-site licensed pub and hotel operator who wanted to sell The George as it no longer fits into their business model.”
Nick Carlile from Shepherd Cox says: “The George adds to our expanding hotel portfolio and we have exciting plans for its ongoing improvement and expansion. Our investors are very happy with the acquisition which takes the group’s portfolio to 12 hotels.”
Worley adds: “The fact that these deals were all done on a very confidential basis with very little open marketing of any kind demonstrates the increasing interest in the North East hotel market. This should also be of interest to hotel owners who would consider a sale but are wary of the effect that the process of finding a buyer may have on their business.”