Scarborough hotel sold to Bike and Boot Inns

UK: Christie & Co has completed on the sale of The Mount Hotel in Scarborough to Bike & Boot Inns, a new brand founded by Simon Rhatigan and Simon Kershaw.

The 50 bedroom, five storey hotel overlooks the Rotunda Museum and the Spa Bridge.

The property was previously owned and operated by the Lothian family from Glasgow for several years – they had decided to sell in order to relocate back to Scotland. Stewart Lothian said: “It is with a heavy heart that the family chose to sell the hotel which was largely for logistical reasons given the commuting distances between Scarborough and Glasgow. Our strong hopes were that The Mount would be sold for ongoing use and to a buyer who would invest and reinvigorate the hotel.”

The hotel has been purchased by new leisure brand Bike and Boot Inns, led by industry specialists Simon Rhatigan and Simon Kershaw. Kershaw said: “This is our first acquisition and our intention is to roll out the brand, initially across the North of England in key leisure and tourist locations, such as coastal towns and national parks. Our target client base is the short break market but with facilities for cyclist, walkers, dog owners and those who simply enjoy some of the most beautiful areas in the country.”

Bike and Boot Inns plan to undertake significant investment, alterations and upgrades to the hotel, with The Mount to reopen, fully refurbished and rebranded, in Summer 2019.

Mark Worley, director at Christie & Co who handled the sale, said: “With its elegant Georgian style façade and grand bedroom suites, most of which boast stunning views, The Mount is truly one of Scarborough’s gems. The sale of The Mount attracted a huge amount of interest and a number of credible offers and this deal, along with the recent Christie & Co sales of the 115 bedroom Crown Spa and the smaller 24 bedroom Ryndle Court Hotel, both in Scarborough, illustrate a good demand for sizeable hotels, not only in Scarborough but across Yorkshire and the North.”

The acqusition was funded by a £2.8 million loan from challnegr bank OakNorth. Deepesh Thakrar, senior director of debt finance at OakNorth, said: “This unique hotel concept is the brain child of two experienced hoteliers who have worked together for several years. Both Simons have an extensive track record in developing and delivering for some of the UK’s respected hotels and leisure brands and have successfully built a business that provides strategic management services to the hospitality industry, Helmsley Hospitality. We look forward to watching the Bike and Boot brand develop and working with them on future sites.”

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