Aviva Investors, represented by international real estate advisor Savills, has sold the Hilton Newcastle Gateshead to Universities Superannuation Scheme Limited (USS) for in excess of the £36 million guide price.
The four-star hotel features 254 bedrooms plus extensive bar, restaurant and conferencing facilities. The hotel was purpose built on the banks of the River Tyne in 2004 and offers panoramic views across the city of Newcastle.
Rob Stapleton, hotel transactions director at Savills, comments: “Aviva Investors originally forward-funded the development of the hotel and, having completed its hold period business plan, took the opportunity presented by the recent strong recovery of the regional investment markets to realise its interest in the asset. We are delighted to have completed on this transaction and to have secured such a strong price for Aviva Investors after a short but highly competitive marketing process.”
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