Simon Campbell and Tauseef Rashid, of business advisory firm Quantuma, were appointed as LPA receivers of the three-star rated hotel, which is located on the south bank of the River Humber in February 2020 by secured creditors.
As part of this appointment, the site is being cleared and protected for the benefit of those creditors and of the wider local community.
The operators of the site, Star Holdings (Humber) Limited, have been unable to turn the business around since they bought it out of liquidation in January 2020, partly due to the problems caused by the Covid 19 pandemic.
The hotel was flooded in 2016 due to a freak tidal surge in the nearby Humber and the hotel has never since returned to profitability.
Mr Campbell, managing director at Quantuma, said: “Since our appointment as LPA receivers, our focus has been to ensure that all restructuring options have been explored.
“Unfortunately, despite the best efforts of the operator over a period of five years, a viable hotel business has not been forthcoming, a position exacerbated by the current pandemic.
“We understand that the third-party purchaser is looking to progress plans for a caravan park and we wish them the best of luck with the new venture, turning the page on a difficult period for the site.”
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