The Vermont Hotel in Newcastle, UK, has been bought out of administration by Gainford Hotels for an undisclosed sum.
Gainford Hotels, a new venture started by Susan and Mohammed Khaliq and based in Chester-le-Street, County Durham, has now bought the four-star hotel and the nearby Marthas Bar and Courtyard from administrators Deloitte, reports nebusiness.co.uk.
Santander Corporate Banking provided financial support for the deal, which has secured 70 jobs and will reportedly create a further 20 positions at the hotel.
Gainford Hotels’ owner, Ms Khaliq, said the company is excited about beginning this new stage of its business journey, following the deal with Santander.
"The Vermont Hotel is a fantastic building and we are looking forward to restoring its former glory and making it a key destination for visitors to Newcastle," Ms Khaliq added.
A Santander Corporate Banking spokesperson said: "Working with such a strong management team gives me every confidence that they will be able to bring The Vermont back to its former splendour, ensuring that it will be a great city landmark in the years to come."
Law firm Sintons provided legal advice to Gainford Hotels on the acquisition of The Vermont, while another law firm, Ward Hadaway, advised Santander Corporate Banking on the finance package.
Established in 1993, the 101-bedroom Vermont Hotel has suites, as well as a selection of restaurants, bars and meeting rooms. It was the first hotel in Newcastle to be awarded three AA rosettes, in 1997.