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Cairn group buys former Swallow Imperial hotel in Jesmond

27 October 2009 by
Cairn group buys former Swallow Imperial hotel in Jesmond

Cairn Hotel Group has picked up the freehold on the Imperial Hotel in Newcastle-upon-Tyne, which was on the market for a guide price of £5m.

The 122-bedroom hotel in Jesmond, which was owned by a fund managed by F&C Reit Asset Management, previously operated under the Swallow brand.

The hotel incorporates the 80-seat Chapters Restaurant; the 50-seat Library Bar; seven meeting rooms, a leisure club; and a two-storey, 120-space car park.

The Cairn Hotel Group, which currently operates 16 hotels across England and Scotland, plans to invest a "substantial sum" to reposition the Imperial, part of which was destroyed by fire in early 2008.

Sebastian Meredith, associate director at property agent Christie & Co, which handled the sale of behalf of F&C, said: "We are delighted to have secured a purchaser who completed their acquisition in a timely fashion. This sale is further evidence of ongoing demand in the hotel market for substantial assets where the vendors were seeking offers in the region of £5m for their freehold interest."

Swallow went into administration in 2006 with debts estimated at £40m, but the brand was picked up by Crerar Hotels, which continued to use the name on hotels including the Imperial.

Investment firm to sell nine Swallow hotels >>

Crerar Hotels swoops for Swallow brand >>

Swallow Group - a year after its collapse into insolvency >>

Scottish group Crerar Hotels signs deal to run 13 former Swallow Group sites >>

By Daniel Thomas

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