The Croft Hotel near Darlington sells to The Apartment Group
Specialist business property adviser, Christie & Co is delighted to announce the sale of The Croft Hotel, an impressive hotel, wedding and function venue on the banks of the River Tees, just yards from the Durham and North Yorkshire border.
Purchased in 2015 by Mike Baldry, who has invested significantly in the buildings redevelopment and upgrade, the grade II listed hotel now boasts 24 spacious en-suite bedrooms, a stylish bar, restaurant and large function suite, along with a gym and rear terrace. The standards of fitment and presentation have helped to earn The Croft Hotel a Best Western Plus accreditation.
Selling the hotel for personal reasons, Mr Baldry comments, “I have invested heavily in the hotel over the last six years or so, both in the fabric of the building and in the levels of service and customer experience and I can now see that the reputation and business levels are really starting to take off. I feel proud that I am passing on such wonderful opportunity to the new owners who I know are the ideal operators to take the hotel to the next level and beyond”.
The buyers are leading North East hospitality sector operators, The Apartment Group, whos also operate the Newton Hall and Le Petit Chateau in Northumberland, Whitworth Hall in Co Durham, plus a host of iconic bars and restaurants across Tyne and Wear.
Group CEO, Stuart Bailey comments, “This acquisition is an excellent addition to the Apartment Group portfolio, further strengthening its presence in the North East and reinforcing our position as the market leader in wedding experiences in the region.”
Apartment Group owner, Mr Duncan Fisher adds, “We are delighted to have The Croft join our growing portfolio of unique venues, and work will be starting in the next few weeks to create another spectacular chapel and event space. The Chapel will be like nothing else in the UK.
Handling the sale on behalf of Christie & Co, was North East based hospitality director, Mark Worley. He comments, “We are really pleased that The Croft has been purchased by The Apartment Group and we know that Duncan and his team will add a massive degree of flair and experience to the operation. I have been working closely with the group over the last few years – this is the fourth hotel that I have sold to Duncan and the third in the last three years, so I knew it would be a great addition to their growing portfolio and had no hesitation in recommending him to our client, Mike Baldry.”
Mark adds, “The last 12 months have been challenging for the hospitality sector and for the wider economy however, the market remains reasonably buoyant especially for good quality hotels and bed and breakfast businesses, especially those in tourist and leisure led locations.r”
Apartment Group owner, Mr Duncan Fisher also said, “I would like to thank Mark Worley, from Christie’s, for orchestrating our fourth deal together in the last few years, as well as the seller, Mike Baldry for playing an active role in getting the deal done in record time.”
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Manager
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Mark Worley, Director – Hotels
P: +44 (0) 7791 980 852 or E: mark.worley@christie.com
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