Paymán Investments Purchases Hotel in Contractor Market
A mere one working day after the finalisation of the deal for the Douglas Arms Hotel, Paymán Investments has finalised the purchase of The Amethyst Hotel in East Halton, Immingham.
About East Halton
East Halton is a small village in North Lincolnshire that is well situated for access to Immingham, Grimsby, Cleethorpes, Scunthorpe, and Hull. Just a five-minute drive away lie the Oil Refineries, Power Stations and the port of Immingham and the expanding North Killingholme port with the local train station and Humberside Airport a short drive further.
The extensive industrial enterprises in the area drive a lot of traffic for short term accommodation. Given the lack of adequate suitable options to meet the demand, the local council informally indicated strong support for the acquisition and further expansion of the overnight accommodation provided by The Amethyst Hotel.
The Amethyst Hotel was chosen as an asset to invest in thanks to the year-round contractor demand, so as to help balance out seasonality in other invesments undertaken by Paymán Investments. Given the situation created by the pandemic, previous buyers had found it difficult to raise adequate funding and the property had ended up on the market again for a very attractive price.
About The Amethyst Hotel
Deceivingly small at first appearance, the property actually comprises nearly 600 square metres of construction. These currently consist of 11 en-suite rooms, a restaurant, a lounge bar, and a conference room. Moreover, a private wing of the building has been arranged to provide a 4 bedroomed duplex apartment, which has so far been used by the live-in owners, but will now be rented out to generate additional income. Subject to necessary permissions being obtained, the existing building could be converted to provide around 25 self-catering units. Given the nature of the target market, these should prove very attractive to corporate guests looking to stay for a few weeks or months at a time.
Besides the substantial building itself, the property also benefits from a plot of 0.59 of an acre in a semi-rural area with views to open countryside. The purchase has been underway since September, and part of the delay in achieving completion centred around the unregistered title of the property, which may have also put other buyers off. Luckily, our expert legal team consisting of Kian Golestani and Darren Lewis were able to navigate through all the complexities that this entailed to ensure the deal was closed successfully.
While the grounds are currently laid out to provide parking for over 50 cars and beautifully maintained gardens, they provide an opportunity for further development work to increase the accommodation available to cater for a larger number of guests.