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£40m debt to take 15 years to recoup
The Journal
|June 07, 2025
A COUNCIL that has taken over a four-star city centre hotel expects it will take 15 years to recoup a near £40 million debt it was owed by its former owners.
Newcastle City Council purchased the Crowne Plaza hotel near Central Station in March after Stephenson Hotel Limited, a subsidiary of the Clouston Group, was put into administration. The company received a series of loans from the council over the years to help build the hotel and prop up the business, totalling a £39.5 million liability that has now been written off.
Civic centre officials hope that by taking ownership of the hotel, they can take its profits to claw back much of that investment before then selling the site at some point in the future.
This story is from the June 07, 2025 edition of The Journal.
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