Staybridge Suites hotel in Newcastle up for sale
The Staybridge Suites hotel in Newcastle is up for sale for £12.5m after Zolfo Cooper, the administrator of Trinity Hotels (Newcastle) appointed DTZ to market it.
The 128-bedroom hotel, close to Newcastle Quayside and Newcastle and Northumbria universities, is only the second Staybridge Suites hotel to be developed in the UK.
The hotel, targeting business travellers, offers a mix of studio and one-bedroom suites with fully fitted kitchens, arranged over seven floors across two wings.
The hotel is owned via a 999-year lease from 2003 at nil annual rent and benefits from a 20 year management agreement with IHG
Richard Candey, head of hospitality at DTZ, said: "The Staybridge Suites Hotel in Newcastle represents a strategic opportunity to acquire a fast developing new brand supported by one of the world's best hotel management companies. The extended stay concept is gaining popularity with customers in the UK. Staybridge Suites Newcastle achieved 78% occupancy in 2011 in only its second full year's trading, testament to a popular brand concept and a resilient local market. We anticipate strong interest from a wide range of hotel investors."
The Staybridge Suites concept began in North America, with IHG driving rapid integration of the brand into the UK and Europe, with a further six projects in the pipeline.
By Neil Gerrard
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