Hilton Newcastle Gateshead sold for more than £36m

The 254-bedroom Hilton Newcastle Gateshead has been sold by Aviva Investors, who has benefitted from the recent boom in the regional hotel market by achieving a sales figure in excess of the £36m guide price.

The new owner of the hotel, which was built in 2004, is the Universities Superannuation Scheme.

Located alongside the River Tyne between the Tyne and Swing Bridges, the hotel includes a bar, restaurant and 10,000 sq ft of conference facilities.

Rob Stapleton, hotel transactions director at property agent Savills, which handled the sale, said: "Aviva Investors originally forward-funded the development of the hotel and, having completed its hold period business plan, took the opportunity presented by the recent strong recovery of the regional investment markets to realise its interest in the asset.

"We are delighted to have completed on this transaction and to have secured such a strong price for Aviva Investors after a short but highly competitive marketing process."

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