RSM Restructuring secures sale of Sea Hotel to support future tourism
18 May 2023
The future of a historic building in South Shields has been secured as administrators of Hotel 52 (Sea) Limited sold the business and its assets out of administration.
Lee Lockwood and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed as joint administrators of Hotel 52 (Sea) Limited on Monday 18 July 2022 by the floating charge creditor Assetz Capital.
RSM has secured the sale of the hotel, known by its trading name as the Sea Hotel, to Yorkshire-based business Resource Medical (UK) Limited. The hotel was brought to the market on behalf of administrators by sector specialist Colliers.
While the hotel was marketed for sale, it remained open, with the vast majority of future bookings and events being honoured. Prior to the pandemic much of the hotel’s public space and letting rooms on the first floor underwent significant refurbishment.
Resource Medical (UK) Limited already owns a number of hotels in Yorkshire, as well as a pharmacy business, and plans to invest in and continue running the 34-bedroom hotel, which includes a restaurant, bar and self-contained function room.
Lee Lockwood, partner at RSM UK and joint administrator, said: ‘It has been a complex nine months facilitating the sale of the Sea Hotel and I am pleased we have been able to agree a sale with the new owner which has secured the majority of future bookings. I would like to thank all staff and guests for their continued support and understanding during a challenging time. Given its significance as a historic building, I hope that this sale will ensure tourism continues in the area and supports the local economy for years to come.'
Lee Lockwood and Gareth Harris of RSM UK Restructuring Advisory LLP were appointed as joint administrators of Hotel 52 (Sea) Limited on Monday 18 July 2022 by the floating charge creditor Assetz Capital.
RSM has secured the sale of the hotel, known by its trading name as the Sea Hotel, to Yorkshire-based business Resource Medical (UK) Limited. The hotel was brought to the market on behalf of administrators by sector specialist Colliers.
While the hotel was marketed for sale, it remained open, with the vast majority of future bookings and events being honoured. Prior to the pandemic much of the hotel’s public space and letting rooms on the first floor underwent significant refurbishment.
Resource Medical (UK) Limited already owns a number of hotels in Yorkshire, as well as a pharmacy business, and plans to invest in and continue running the 34-bedroom hotel, which includes a restaurant, bar and self-contained function room.
Lee Lockwood, partner at RSM UK and joint administrator, said: ‘It has been a complex nine months facilitating the sale of the Sea Hotel and I am pleased we have been able to agree a sale with the new owner which has secured the majority of future bookings. I would like to thank all staff and guests for their continued support and understanding during a challenging time. Given its significance as a historic building, I hope that this sale will ensure tourism continues in the area and supports the local economy for years to come.'
