Newark's Millgate hotel changes hands for £840,000

The Millgate House hotel in Newark, Nottinghamshire, has been sold for £840,000 to an undisclosed buyer.

The 37-bedroom Grade II-listed property, which has a conservatory bar and resturant, has recently been in administration. There are plans to upgrade the hotel.

"This sale represents a positive sign for the hotel market generally," said Hugh Andrerson, partner at Edward Symmons, who sold the property jointly with Colliers Robert Barry, on behalf of administrators, Vantis.

"Millgate House hotel highlights some real opportunities are available for cash rich buyers to snap up property at prices that would have been unheard of 18 months ago."

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By Janet Harmer

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