Alison Grant and Sarah O’Toole of PwC were appointed as Joint Administrators of Stephenson Hotel Limited (the “Company”) on March 28th, 2025. The Company is the owner and operator of The Crowne Plaza Newcastle - Stephenson Quarter hotel, part of the Intercontinental Hotel Group (IHG), based in central Newcastle.
On appointment, the Joint Administrators completed a sale of The Crowne Plaza Newcastle – Stephenson Quarter hotel to Crossco (1467) Limited, a company owned by Newcastle City Council (the “Council”). The transaction includes the transfer of all 135 employees. The hotel will continue to trade, and any customer bookings are unaffected.
The hotel was opened in 2015 and has over 250 luxury rooms with a range of amenities, including food and beverage, conferencing, spa and leisure.
Alison Grant, joint administrator and director at PwC UK, said:
“We’re pleased to have been able to secure a deal with Newcastle City Council, which represented the best option in generating returns for creditors and ensuring the continuity of the hotel’s operations. The deal safeguards the jobs of all employees and ensures that the Crowne Plaza Newcastle - Stephenson Quarter continues to serve the local economy and community.
"The Company’s financial stability had been affected by various loan facilities it held with the Council. In terms of day-to-day trading, the hotel has always been a highly successful business and this effort is focused on resolving the debt position to ensure it can continue to thrive. We plan for there to be limited disruption as the hotel transitions to new ownership, with trading continuing as normal and no impact on employees and customer bookings.”
Mark Nicholson, Newcastle City Council’s Chief Finance Officer, said:
“The parties have worked together to try to reach a solvent solution for Stephenson Hotel Limited, the owner of the Crowne Plaza Newcastle - Stephenson Quarter, however, the level of debt involved was too high for this to be possible. Following independent advice, I am pleased that we have now managed to reach an agreement to acquire the hotel from Stephenson Hotel Limited.
"All existing staff will transfer to the wholly owned company set up by the council with the same terms and conditions of employment. There will be no disruption to hotel bookings and the hotel will continue to trade as normal.
"The hotel is performing well and has a bright future. While it is regrettable that a solvent solution was not achievable, I believe this is the best possible outcome for the hotel, its staff and the residents of the city.”
The directors of the Company, said:
“The Crowne Plaza Newcastle - Stephenson Quarter, has been an outstanding trading success for the past six years, recording phenomenal 'best in class’ figures since the country came out of lockdown. The hotel maintains strong operational performance, nevertheless, external market conditions have impacted the overall valuation of the hotel.
"Leading by example, our focus has always been on making sure that guests enjoy their stay and wish to return, that staff feel valued and think it's a great place to work, and that we trade as successfully as possible for the benefit of all stakeholders, including funders and the wider community.
"As we close the chapter on our ownership, we would like to thank our guests over the years for choosing us and our team members for their hard work and dedication. We sincerely hope that the hotel continues to prosper under its new stewardship.”
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