Member Article

Administrators look for Staybridge Suits Hotel buyer

DTZ, part of UGL Services, has been appointed to sell the Staybridge Suites Hotel in Newcastle, following the collapse of its owner Trinity Hotels.

Administrators at Zolfo Cooper have instructed the firm to sell the 128-bedroom hotel in the centre of the city.

The hotel is owned via a 999 year lease from 2003 at nil annual rent, and benefits from a 20 year Management Agreement with Intercontinental Hotels Group.

Tony Hordon, Senior Director at DTZ commented: “The Staybridge Suites Hotel in Newcastle represents a strategic opportunity to acquire a fast developing new brand supported by one of the world’s best hotel management companies.

“The extended stay concept is gaining popularity with customers in the UK. Staybridge Suites Newcastle achieved 78% occupancy in 2011 in only its second full year’s trading, testament to a popular brand concept and a resilient local market.

“We anticipate strong interest from a wide range of hotel investors.”

The Staybridge Suites concept, which offers visitors more facilities, has been incredibly successful in North America, and IHG have pushed the brand into the UK and Europe.

This was posted in Bdaily's Members' News section by Tom Keighley .