Sale of closed hotel in Torquay with sea views across Torbay completes
On behalf of The UK Holiday Group, specialist business property advisor, Christie & Co has completed on the sale of the Richmond Hotel, a closed hotel located in Torquay, along the Devon coast.
Richmond Hotel enjoys an enviable elevated position in the highly popular resort town, which is famed for its coastline and attracts a high number of visitors each year. Prior to closing in 2020, the sizeable hotel was a popular accommodation choice for coach tours passing through the area, due to its close proximity to the Abbey Sands seafront, marina and Torquay’s centre.
The property comprises 48 en-suite letting bedrooms, with many of the South West facing bedrooms enjoying superb sea views out across Torbay and the English Channel. Other facilities include an indoor swimming pool, a comfortable bar lounge, a spacious guest entertainment lounge, games room and roof top decked terrace which overlooks the bay, as well as a large dining room with capacity for 120+ which opens onto private lawned gardens.
Richmond Hotel has been purchased by Amayo Properties Limited. They comment, “We are looking forward to reopening the Richmond after we have carried out a program of improvements to the building. We believe the hotel has a bright future in the town and we are excited to be taking over at time when we believe the UK hospitality industry shows so much promise.”
Stephen Champion, Director in Christie & Co’s Hospitality team brokered the sale and comments, “We are delighted to have acted for our client The UK Holiday Group in the sale of the Richmond Hotel and wish the new operators every success in the future with this new business. The South West saw an influx of tourists during summer 2020 as a result of the staycation trend and pent-up demand caused by the earlier lockdown. Once reopened, the Hotel Richmond will be well placed to take advantage of this trend, which is expected to continue in 2021 once the national lockdown and restrictions on hospitality business have been lifted.”
He continues, “Many buyers with their fingers on the pulse have been quick to spot the future opportunities in the sector that are likely to result from this swing towards staycations. During 2020 Christie & Co successfully completed on over 165 sales of businesses in the hospitality sector.”
The Hotel Richmond was sold off a guide price of £950,000.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Stephen Champion, Director – Hospitality
P: +44 (0) 7736 619536
E: stephen.champion@christie.com
