Hot on the heels of last year's record-breaking success, The Exeter office of Christie + Co hailed Janaury ‘a cracking start to the year’ in the hotel sector, with three hotel transactions completing during the last week alone.
The sales of Queens Court Hotel in Exeter, Millers in Porlock and Citylodge in Yeovil demonstrate an increased demand for quality hospitality businesses from owner-operator ‘lifestyle buyers’, high-net-worth individuals and existing hoteliers.
Queens Court Hotel, a beautiful Georgian townhouse in Exeter city centre has been acquired by an experienced hotelier embarking on an expansion plan. Mr Balendran Kathirgamanathan, who also owns the Exeter Court Hotel on the outskirts of the city, purchased the 18-bedroom hotel for an undisclosed sum. The hotel was marketed by Christie + Co for £950,000.
Located within the scenic Exmoor National park in the coastal town of Porlock, the re-furbished 15-bedroom Miller’s Hotel has been purchased by Mr and Mrs Whitham, first time entrants to the sector relocating from the Hertfordshire area. The couple intend to re-name the hotel back to its original name The Castle and are keen to operate the business has a family friendly operation. The business was sold off a guide price of £450,000.
Citylodge,a 30-bedroom town-centre hotel in Yeovil was purchased off a guide price of £550,000 by experienced hoteliers Akshay and Pradeep Sobti, This is their fourth hotel and their first acquisition in the South West.
In 2014, Christie + Co’s Exeter office witnessed the most active market for hotel transactions since 2007 — they are now preparing for a bumper 2015.
Matthew Smith, Director at Christie + Co’s Exeter office who handled the transactions comments: “An improved economy, availability of funds and forecasts of strong trading ahead helped drive average hotel prices up last year and we are confident that the South West will continue its ascent in 2015”