11/10/2020 | Hotel Mortgages

Freehold of seaside hotel in Scarborough purchased by experienced hoteliers

Specialist broker, Christie Finance, has obtained funding for the freehold purchase of The Sheridan Hotel in Scarborough to first time business owners, Mr and Mrs Sykes.

The Sheridan Hotel is a three-storey hotel, ideally located in the very popular seaside town of Scarborough. With the increase in tourist trade since 2007 the area has seen more holiday-makers opting for ‘staycations’ and there has been an increase in trade and popularity. Alongside tourism, the area has Digital, Creative and Skilled Manufacturing economies which attract a regular influx of contractors throughout the year, making it a lively area for work and leisure.

The hotel has gained top ratings on Trip Advisor and Booking.com and has won the coveted Visit England Silver Award and Visit England Breakfast Award for excellence in its category. Inside the property, there are 9 well-appointed letting rooms, each with en-suite facilities, and a two-bedroom owners’ accommodation. 
New owners Kevin and Joanna Sykes have worked in the hospitality sector for over twenty years, recently having the leasehold of a nearby 16-bedroom hotel in Scarborough. The couple chose to relinquish the leasehold of that business in order to pursue the acquisition of The Sheridan Hotel. They have the skillset and knowledge of running a hotel business and both are excited to start this venture together. The Skyes’ have seen the benefits of keeping the business open throughout the year and continuing the use of existing third-party marketing sites to promote the property to prospective guests.
Matt Gudgeon consultant at Christie Finance brokered the deal.