South Shields' Sea Hotel remains on the market with £1.65million price tag, six months after going into administration
There are no signs that a major South Tyneside hotel is to be sold, six months after it was put on the market.
The 34-bedroom Sea Hotel next to Sandhaven Beach in South Shields was placed in administration in July 2022. Administrators stated that the business would remain open, with bookings and events honoured while they search for a new buyer.
Commercial estate agents, Leeds-based Colliers, say: “Offers in the region of £1.65million are invited.”
The Sea Hotel was built in the 1930s. It reopened in January 2020, just before lockdown restrictions were applied by the Government and after new owners, High Street Hospitality, had borrowed £1.15 million from marketplace lender Assetz Capital to fund the sale and refurbishment.
Lee Lockwood and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed as joint administrators of the venue, officially called Hotel 52 (Sea) Limited, on July 18, 2022.
RSM made a statement at the time which said: “As administrators, we are currently reviewing the company’s business to evaluate the options available to creditors and formulate proposals.
“As part of this process, the hotel will remain open, and trading will continue. Whilst it does, we will aim to honour all future bookings and events including those where deposits have been paid.
“It is unclear whether there will need to be any redundancies at this stage, and we are actively consulting with the Company’s employees in this regard.”
Now into 2023, the Gazette contacted RSM again to ask if there had been any developments with the sale of the Sea Hotel. There are none to report.
The company emailed back: “Please note that the attached statement from July 2022 still stands – we are still looking for a buyer.”
In March 2020, the month before lockdown, the Gazette was told that turnover had increased by more than 70% since it opened in June 2019.
The hotel includes the 60-capacity Maritime Restaurant, as well as a Maritime Bar with seating for 45.
The Bramall Suite is a self-contained function room licensed to hold wedding ceremonies. It has a 130-capacity and includes its own bar servery and small service room.