A seafront hotel in Whitley Bay located near Spanish City is up for sale.
Specialist business property adviser Christie & Co is marketing The Royal Hotel off an asking price of £1.5million for the freehold interest.
After building up the business, generating strong profits approaching £200,000 per annum, owner Paul Johnstone has decided to sell the hotel to concentrate on his other business ventures.
Sitting on the promenade, it provides 40 guest bedrooms, a bar and restaurant – with capacity for up to 250 covers – plus a fully equipped catering kitchen, a breakfast room with an adjoining kitchen, and off road parking for guests.
In addition to the hotel’s self contained restaurant, the ground floor is leased to an Italian restaurant that generates additional rental income for the owner.
Mr Johnstone said: “This is a great opportunity for someone to take over an already successful and easily run business and to also capitalise on the huge regeneration of Whitley Bay seafront.”
Mark Worley, director at Christie & Co, is handling the sale.
He said: “There is currently huge demand for larger, profitable, urban hotels, especially those close to tourist and leisure attractions which are capable of providing footfall and trade.
“We therefore think that the upsurge of investment in Whitley Bay, added to the already excellent trade levels of The Royal Hotel, should make this a very popular hotel indeed.”