Jobs safe following Newcastle hotel sale

Hotel News - 12/04/2012

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Reports said on Wednesday that the historic property had been purchased by Gainford Hotels for a figure close to its £9 million asking price. The 101-room facility had been put on the market early in the year by owners Lincoln Group Ltd after it went into administration due to tough competition and difficult market conditions.

Gainford Hotels has said the Vermont is to receive a £3 million upgrade and that its current staff will remain in place. The firm also said that it was possible that up to 40 new workers could later be brought on.

A spokesman for the company told reporters on Wednesday that renovations on both the hotel property and the attached Martha’s Bar was to commence in the coming weeks with a target completion date in August. He went on to add that once the property’s re-vamp was complete that it could employ as many as 100 workers.

Gainford Group, based in County Durham, is largely comprised of residential care properties, 13 of which are located in the North East of England.

Meanwhile, Lincoln Group Ltd continues to search for a buyer to take over Middlesbrough’s Baltimore Hotel.

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