The hotel market in Yorkshire and the North East is experiencing an increase in transactional activity, due to rising levels of confidence and greater availability of debt.
To-date, Colliers International’s 2014 transactions are up 50 per cent compared to the same period last year, reflecting the national trend of mounting investment in hotel assets.
The upsurge in hotel investment activity has been led by both investors and private buyers.
Peter Bean, director of Hotels, Colliers International, said:
“Our Leeds based Hotels team has transacted 50 per cent more hotel sales so far during 2014, compared with the same period in 2013.
“Although huge deals are occurring in London and the corporate market in general, significant investment is being made in smaller hotels in the regions, including Yorkshire and the North East.
“The majority of our hotel transactions in the region have been for properties priced between £500,000 and £1,000,000.
“Hoteliers are reporting strong trade and we expect a lot more transactional activity during the rest of the year, as buyers recognise the tremendous hotel acquisition opportunities available in the region.
“Adding to this, banks are much more supportive than previously and we are experiencing an increase in the amount of interest from new to the industry hotel buyers, which is helping to bolster demand.”
Having relocated from London, first time hoteliers Andrew and Louise Macbeth have recently acquired Beck Hall.
“There’s definitely a buzz in the North, with lots of newcomers to the hospitality scene.
“The recent ‘Tour De Yorkshire’ shone the spotlight on this beautiful area of the country and had great implications for business.
“We’ve been running Beck Hall, Malham, at full occupancy since we took over last month and over the next year or so we expect to reveal some development plans that will further cater to the growing number of people choosing to holiday in this area year after year.”
Recent hotel sales in Yorkshire and the North East include the beautifully situated 18 en suite bedroom hotel, Beck Hall in Malham; the Grade II-listed Yorkshire Dales property, Falcon Manor Hotel; a stylish 3-stars hotel in Bamburgh, The Lord Crewe Hotel; and the Coquetvale Hotel, Rothbury in Northumberland.