First look inside the newly transformed Sea Hotel in South Shields following £1.15million investment

Premier restaurant, bar and hotel owner, High Street Hospitality borrowed £1.15m from marketplace lender Assetz Capital for the purchase and refurbishment of the South Shields-based hotel.

The loan included funds for the hotel’s recent £550,000 refurbishment which saw improvements across the property, including an overhaul of the bedrooms, reception areas and restaurant.

The refurbishment is said to have led to an increase in turnover of more than 70% and has seen a significant boost in wedding and event bookings.

The hotel, which overlooks South Marine Park now boasts 34 fully refurbished en-suite bedrooms including a honeymoon suite.

There is also an onsite a Latin-American restaurant, cocktail bar – Loca Bar and Kitchen – a vibrant American style sports bar – Bar 52 - and a multi-purpose events venue, as well as the Bramhall Suite for weddings, conferences, entertainment and banquets.

The initiative is part of High Street Hospitality’s expansion plans to add a further 10 hotels within the next three years to its existing portfolio of four venues across the North-East of England.

Gary Forrest, chairman of the High Street Group, said: “The loan from Assetz Capital, who has been a valuable partner of the High Street Group, has been pivotal part in not only the refinance of an existing commercial mortgage, but also renovating the entire Sea Hotel. The work has allowed the hotel to trade at a higher level than before, benefiting the employees, the local community and tourists alike.

This loan follows a number of recent deals between Assetz Capital and the High Street Group.

Ian Craig, relationship director at Assetz Capital, commented: “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. 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.”