Newspaper article The Journal (Newcastle, England)

Hotel Deal Will Help Tycoon Expand Care Homes Business; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Hotel Deal Will Help Tycoon Expand Care Homes Business; in Association with RBS

Article excerpt

A PROPERTY tycoon has found a new way to double the size of his pounds 30m care home business.

Raj Singh, owner of Stockton's Prestige Group, is leasing his Prestige Hotel in South Shields to hotel and restaurant group Whitbread, which will see he him receive an extra pounds 270,000 in rent each year to help expand his portfolio of care homes.

He owns three care homes in Middlesbrough, one in Darlington, one in Stockton and one in Chichester, West Sussex and plans to use the deal to fund the building of three extra care facilities in Nottingham, Hull and Birmingham, bringing his total to nine. After this he plans to buy and lease out a second hotel in Darlington to help build three more homes.

Mr Singh, who rents his care homes to a number of companies including Darlington market leader Southern Cross Healthcare, believes the new business model will help him double his rental income to pounds 3m as well as double the value of his pounds 30m portfolio. …

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