A hotel in South Shields has rolled out a refurbishment across its interiors after securing a £1.15m loan from Assetz Capital.
Sea Hotel now boasts 34 refreshed rooms, a Latin-American restaurant and cocktail bar, Loca Bar and Kitchen, an American-style sports bar, Bar 52 and events venue, the Bramhall Suite.
The £1.15m refinancing loan comprised funds for the hotel’s £550k refurbishment, which has led to a 73% increase in turnover a brought a ‘significant’ boost to wedding and event bookings.
This initiative is part of High Street Hospitality’s expansion plans to add a further 10 hotels within the next three years to its existing portfolio of four venues across the North-East of England.
Gary Forrest, chairman of the High Street Group, said: “The loan from Assetz Capital, who has been a valuable partner of the High Street Group, has been pivotal part in not only the refinance of an existing commercial mortgage, but also renovating the entire Sea Hotel. The work has allowed the hotel to trade at a higher level than before, benefiting the employees, the local community and tourists alike.
Ian Craig, relationship director at Assetz Capital, said: “It is a pleasure to work with the High Street Group and witness how Assetz loans can be used to transform a dated building into one that is a thriving part of a local community. We look forward to building on this relationship and being a part of many more commercial property developments with which the group is planning to be involved in the future.”
The loan was brokered by Dale Shotton, funding director of High Street Developments.