Gilsland Spa Hotel, Cumbria
Purchase of a hotel at auction in need of refurbishment.
A highly skilled property professional who is already known to Black & White Bridging, purchased the hotel asset at auction and required the funds for repayment. They will then complete the refurbishment works to bring the hotel to a 3 or 4-star standard and reopen it.
£750k
PRoduct type:
Commercial Bridging
Amount funded
18 months
property:
Historic hotel
exit:
Refinance
Refurbishment works and reopen...
The hotel is a 3-storey historic hotel of 91 guest rooms and a basement, including two suites totalling 93 bed spaces. The hotel is located on the border of Northumberland and Cumbria, with shops and amenities that are located in Gilsland Village to the south. The borrower is experienced in purchasing properties at auction and then refinancing. They will refurbish and complete works prior to reopening the hotel. The works will cost around £470k, which they will self-fund via their income from other properties that are known to B&W. They are also planning to create a new outdoors-themed venue in a sector in which they have extensive experience.
