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Seaham Hall Hotel in the UK is Sold 4 Times Cheaper Than Its Renovation Cost
One more property from the former von Essen Hotels has found a new owner. This time it’s a 5-star Seaham Hall Hotel. The hotel is sold for around £5 million, but its renovation works only cost to the previous owner as many as £20 million. The hotel got such a large discount after all von Essen hotels were put under administration. This is one of the last properties sold from the portfolio of the luxury 27 hotels around the UK. The initial sale price of the hotel estimated £12.5 million, but it was decreased due to weak interest.
The new owner of the property is Seasons Holidays – a Bristol-headquartered hotelier with the portfolio of seven hotels in Spain, the Canaries, Portugal, and the British Isles.
The hotel was created by Tom Maxfield, a former director of Sage. Seaham Hall was built in 1791. In 1815 the building hosted the wedding of Lord Byron. After that event the story of the building did not have any interesting details. Seaham Hall was an office of health authorities, and then it was closed down. The building was abandoned and was in very bad state when it was discovered by Maxfield in 2001, when he made a flight in his private plane. Even though a significant sum of money has been invested into the building, it still requires some money to be thrown at it. Maxfield sold the property to von Essen four years ago, and the new owner managed to deteriorate the building.
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