The hotel, which had been under the same ownership since 2006, has been bought by Philip Harnett and Vicki Osborne who also run a successful, London-based advertising agency.
Located on the prestigious Meadfoot Sea Road, just a short walk from the Marina and Torquay‘s centre, the hotel has 16 luxury bedrooms, plentiful public trade space and a spacious private five bedroom owner’s apartment. The sellers, Chris, Caroline and Gary Waters, extensively renovated the hotel, creating a business which has been recognised for its excellence through numerous awards and accolades including a 5-star AA rating and also the Breakfast Gold Award for 10 years running.
Stephen Champion, Business Agent in Christie & Co’s Exeter office handled the sale and comments, “We are delighted to have secured the sale of this lovely family-run hotel which has been very well developed on behalf of the previous owners. This is reflected in the high level of business and profits, as well as in the reports and reviews from its customers, and we have no doubt that the new owners will continue the success of the venue.
“This sale illustrates the improving market and increasing demand we are experiencing in the South West region for hotels and guest houses, with Christie & Co seeing a 49% increase in sales agreed this year, in comparison to the same period in 2016.”
The Meadfoot Bay Hotel was sold off a freehold asking price of £1.15m.