Watling Real Estate, which was appointed property law receiver in March, sold the property to Urbanwave Developments for £2m.
Ambassador Hotel & The Beach Rooms will go into receivership in 2023, with Andrew Foster and Chris Walker from Watling's Leeds office appointed as LPA administrators by Together Commercial Finance in March this year.
Regional investor Urban Wave plans to continue and expand the renovations started by the previous owner. This historic Victorian hotel has 57 guest rooms and overlooks the South Bay.
Alex Sweetman, director of Watling Real Estate's Leeds office, said: “Urban Wave will be converting the hotel into approximately 20 self-contained units in a trendy surf shack style targeted at the vacationer market.
“What makes the Ambassador so special is the stunning views. Scarborough's South Bay is a prime location in town and the hotel is on the first terrace set back from the cliffs. Overlooking Scarborough, the harbor and the castle in the background. You can see a wonderful view.”
In its original form, the Ambassador consisted of 57 bedrooms, all en suite, over 26,000 square feet, spa facilities including a heated pool, sauna and mudroom, and a function room/lounge/bar area. I was there.
Mr Sweetman continued: “The Ambassador is a well-known landmark building that has hosted many weddings and celebrations over the years, and features a 2,300 square foot function room on the basement floor and an approximately 2,500 square foot lounge on the ground floor. There is a bar area and a beautiful bay window with stunning coastal views.
“We are very pleased that the sale to Urban Wave has been completed, allowing it to be reborn as a key part of Scarborough’s hospitality market under new ownership.”
Watling Street was advised by law firm Walker Morris, and Hull law firm Goshalks acted on behalf of Bluff-registered Urbanwave.
