Press Releases
A seafront hotel in Clacton is sold to a London buyer
The Ipswich Office of leading international hotel agents, Christie + Co, is pleased to announce that it has sold the Parade Hotel in the popular seaside resort of Clacton on the north Essex coast, with Christie Finance providing the funding for the purchase.
An imposing three-storey property, the hotel is situated opposite the pier and fronts Marine Parade East, with 11 of its 23 en suite letting bedrooms, benefiting from panoramic sea views. It has a resident's television lounge, with seating for 20, a restaurant and dining room currently laid for 60 covers and one-bedroom owner's accommodation, as well as a small courtyard to the rear of the hotel. It is understood that planning permission has been approved for a patio to the front, which will provide seating for approximately 20.
Mark Page, from Christie + Co's Ipswich Office, who handled the sale, commented; "The Parade Hotel is largely an accommodation-led business and is open all year-round. Given the hotel's prime position on the seafront, we would consider that there is undoubted potential to develop the food and beverage side of the business. The hotel had been operated by Jay Patel since 2004, but he has now moved to Kenya to pursue his other business interests. The new owner is Stephen Jemade, from London, who plans to keep the existing manager."
Nicholas Baker, from Christie Finance, who arranged the finance for the purchasers, commented; "Due to the hotel's reputation and excellent location, Mr Jemade will be a big success in the area and will benefit from having a market leading finance package, which illustrates our strength in the sector."
The Parade Hotel was sold for an undisclosed sum from an asking price of £625,000 for the freehold interest.
For further information please contact Mark Page at Christie + Co or Nicholas Baker at Christie Finance on Tel: 01473 256588.
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