Great Yarmouth's Nelson hotel sold

The Grade-II listed Nelson hotel in Great Yarmouth has been sold off a guide price of £900,000.

The property has been bought by the owner of the town's Waverly hotel, who also has an extensive portfolio in India.

The 52-bedroom Nelson, which sits on Great Yarmouth's seafront, will now undergo an extensive refurbishment. The hotel also includes a bar, dining room, meeting rooms and a function room for 120.

Tim Gooding, a director of Christie & Co handled the sale. He said: "The Nelson Hotel is arguably one of the best located hotels in town, so we were able to generate very significant demand when the business launched to the market, culminating in multiple viewings and offers. The interest generated in this sale is also reflective of the increased demand for hospitality businesses across the region since the trade reopened in May, a trend we are likely to see continuing as businesses are reporting greater year on year sales, particularly in coastal locations which are seeing good levels of demand.

"It's heartening to see the hotel sell to an existing operator, with an extensive refurbishment on the agenda to take it to the next level. We sold the family their other hotel, The Waverley, back in 2010, and I'm sure that a comparable level of investment is likely to be seen at The Nelson, which is one of the larger hotels in the town. We wish them the best of luck."