Marketplace lender Assetz Capital has provided a £1.15m loan for the purchase and refurbishment of a South Shields-based hotel.
Overlooking South Marine Park and just 100 yards from the closest beach, The Sea Hotel boasts 34 fully refurbished en-suite bedrooms including a honeymoon suite, a Latin-American restaurant and cocktail bar, as well as an American style sports bar and a multi-purpose events venue.
The £1.15m refinancing loan from Assetz Capital comprised funds for the hotel’s recent £550,000 refurbishment, which supported improvements across the property, including an overhaul of the bedrooms, reception areas and restaurant.
This initiative is part of High Street Hospitality’s expansion plans to add a further 10 hotels within the next three years.
“It is a pleasure to work with the High Street Group and witness how Assetz loans can be used to transform a dated building into one that is a thriving part of a local community,” said relationship manager at Assetz Ian Craig.
“We look forward to building on this relationship and being a part of many more commercial property developments with which the group is planning to be involved in the future.”