Hotel group acquires Coquetvale Hotel in Northumberland
The 19th century Coquetvale Hotel, Rothbury, located on the edge of Northumberland National Park, has been sold by specialist business property adviser, Christie & Co.
The purchaser is Vivid Hotels which bought the business off an asking price of £795,000. The hotel has 14 bedrooms, a terrace, a public bar and restaurant and currently caters for weddings and other functions.
Seller, Lee Pattison, who has many years of experience in the hospitality industry, bought the hotel in 2013. He comments on the sale, “We have spent three years turning a struggling hotel into the successful business it is today. This includes increasing occupancy and room rates whilst also improving the aesthetics of the building, such as an upgrade of the bedrooms and public areas and a replacement of all the existing windows.
“I am looking to take a step back to focus on my hospitality consultancy business and to spend time with my family.”
Mark Worley, Director in Christie & Co’s Newcastle office who handled the sale, says, “Any hotel owner who is considering a sale is naturally concerned about the impact that open marketing could have on their business and it was therefore imperative that our efforts involved a high degree of confidentiality.
“We are pleased to say that we not only managed to maintain confidentiality but have also found a buyer swiftly and at a price which met Lee’s expectations.
“We are extremely pleased that Vivid Hotels have some exciting plans to develop the business even further. This is great news for the staff, the residents of Rothbury and for the existing and future clients of the hotel. We wish them well.”
Owner and Managing Director of Vivid Hotels comments, “We bring many years of experience and understanding of how to sympathetically improve hotels of this nature, in order to cement their place as a focal point for the community and add value to their location”.
“The hotel has seen recent investment and improvement and our ambition is to continue that process to realise the hotel’s full potential through further investment, operational excellence and outstanding customer service.”