Owners refinance 'first-class' hotel to expand their holiday lettings opportunities in York city centre
Specialist broker, Christie Finance, has obtained finance for Mr and Mrs Brennan, with the refinance of their current York Guest House for their new holiday let venture, centrally located in York- following recent positive hospitality market trends for this type of property.
Anthony and Diana Brennan have owned and operated Tower Guest House in York since 2009 and which this time have invested in an extensive refurbishment program of the property- which has increased gross turnover by over 400%. Tower Guest House currently ranks number one on Trip Advisor and has won various awards including, Visit York Guest House of the Year Award won both in 2017 and 2019 and being finalists in 2018. Alongside this, the guest house has a 9.8 rating on Booking.com, which is a fantastic rating and ultimately generates the high number of new and returning guests.
Anthony is a chemistry graduate who has worked in the Petro-chemicals industry in the UK and America. More recently and up until the purchase of Tower Guest House in 2009, Mr Brennan has worked as an IT consultant working on several web-based software products. His wife and co-owner Diana has a PhD in polymer science and is a qualified Quality Assurance Manager, having designed quality systems for various industries including electronics companies, medical implant manufacturers, personal protective equipment manufacturers and international shipping companies.
Now with ten years’ experience in the hospitality industry, Anthony and Diana are looking to diversify their portfolio. With the current trend in hospitality moving towards self-catering holiday apartments close to or within the city walls, Anthony and Diana identified the fantastic holiday let opportunity in central York and having the current property in York, they had the ability to use this against purchase.
Stephen McConalogue, Finance Consultant for the deal comments, “I was delighted to have been able to secure the finance required to allow Tony & Diana to expand into the holiday let market. They have been able to diversify their property portfolio and added to their income stream. The couple have built Tower Guesthouse to be the number one rated guest house in York and I have no doubt that they will make a great success of their new venture and again it was a pleasure working with them both.”