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Hotel calls for investors to buy bedrooms in a bid to raise funds for refurbishment

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A hotel in Great Yarmouth is advertising the sale of its bedrooms as it looks to drum up funds for a refurbishment under new ownership.

The Star Hotel is selling individual guest rooms as investment opportunities with prices starting at £44,950 on a 149-year-lease.

It’s part of a plan by new owners Merydion to use the money raised to refurbish the hotel, which was half-way through a renovation when it was sold by father and son team Howard and Paul Bossick.

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Under their direction, the hotel benefited from an upgrade to 19 bedrooms, its restaurant and bar space, which helped the business gain momentum with the local community.

The cash from the sale of the bedrooms will be ploughed into refurbishing its remaining 22 bedrooms and other areas of the hotel.

Another firm advertising the sale, Property and Invest, states: “The hotel is being purchased by Merydion who plan to add this hotel to their portfolio of three hotels that they currently own and sold in a similar way to this one.

“Merydion have decided to sell their individual hotel rooms to raise the capital required to fund a further refurbishment of the hotel as well as expand their portfolio of hotels in the future.”

The Merydion portfolio comprises Durker Roods Hotel, Northop Hall Hotel and The Belgrave Hotel.

Sarah Howarth, group finance manager for its new owners, said last month: “We hope to reopen in the next few months – we are trying to determine what is best to sustain the hotel for the future.

“We are hoping to re-brand before opening.”

Tags : bedroomsfor salerefurbishmentrevenuesellThe Star Hotel
Zoe Monk

The author Zoe Monk

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