A major investment is planned in a hotel saved from going under, with all 30 jobs secured.
The Rex Hotel, on the Promenade, Whitley Bay, was bought just days after going into administration due to spiralling debts and difficult trading conditions.
However, officials at new owners Malhotra Group Ltd are planning a six-figure investment in the hotel and have secured the jobs for all the staff.
And the popular Deep nightclub at the hotel has also been saved and secured for the future.
Atul Malhotra, director, said they were always looking to buy good properties.
Speaking to the News Guardian, he said: “We took over the business on January 7 after the previous company went into administration.
“As we have just taken it over, we haven’t looked at the sums yet but we are looking to invest a six-figure sum into the hotel.
“We want to develop it and refurbish it as it is in a sad state at the minute.
“It’s an iconic site. We are going to invest in it and continue to run it as a hotel and nightclub.
“We’ve got other business interests as well as other hotels and bars in our portfolio and we felt the Rex Hotel was a nice fit.
“We’ve secured the jobs, no one has lost their jobs through this administration.”
Mr Malhotra added that planned investment in Whitley Bay by North Tyneside Council was not a contributing factor in the purchase but said any regeneration in the town would be welcomed.
“North Tyneside Council are investing in the Dome and Whitley Bay area,” he said. “It is in a sad condition that has been going on for years.
“The regeneration didn’t help us make our minds up but it will help people believe that Whitley Bay is turning a corner.”
Before going into administration on January 6, the then owners of the hotel had been issued with a winding up petition in December from North Tyneside Council.
However, that petition was dropped once the company had gone into administration.
The seafront hotel started life as the Waverley Hotel in 1907, increasing in size over the next ten years as it swallowed up neighbouring houses and adjoining vacant land.
At one stage it had around 150 bedrooms and a heated garage and tennis court.
It changed its name in the late 1930s when it got a licence to sell alcohol for the first time.
As well as the nightclub, the hotel also features conferencing and ballroom facilities which can accommodate around 500 delegates.