The hotel transactional market continues to move forward for Christie + Co’s South West hotel team in the first five months of 2015.
A string of high-profile hotel transactions coupled with an EGi ‘Overall top agent’ award in the Hotels and Leisure sector (both nationally and for the South West), means the team have plenty to toast.
In 2014, the South West hotels team witnessed a definite recovery across the hotel sector which resulted in a record-breaking year for hotel transactions in the South West for Christie + Co.
Matthew Smith, Director at Christie + Co’s specialist hotel team in Exeter comments: “This trend has continued unabated in 2015 with demand for good-quality profitable hotels at their highest since before the recession. Compared to the same time last year, we have completed on over 30% more hotel transactions across Somerset, Devon and Cornwall in 2015 to date.”
“Over the course of 2015 banks have re-entered the hotel market and are demonstrating a willingness to provide debt to fund hotel acquisitions throughout the UK, fuelled by an increase in both leisure and business travel.”
“In the last few weeks alone we have been involved in many exciting transactions with more deals in the pipeline due to complete shortly.”
Some of these recent hotel deals include the sale of Mill End Hotel in Chagford - a stunning 15 bedroom country house hotel set within 10 acres of landscaped gardens within Dartmoor National Park. Following a comprehensive marketing campaign, numerous offers were received and the business was sold to experienced hoteliers Nick and Tara Culverhouse. The couple already own an established and highly successful country house hotel in Mid Devon which specialises in the event and wedding market and see Mill End Hotel as a natural fit as a sister hotel. The business was sold off a guide price of £1.5m
The White Hart Hotel, Okehampton is a 17th Century 19-bedroom coaching inn and within days of receiving instructions, negotiations commenced with JD Wetherspoon who are actively acquiring hotels across the South West. Having sold Browns Hotel in Tavistock to JD Wetherspoon last year, The White Hart is a fantastic new addition for their growing hotel portfolio and was successfully sold off a guide price of £900,000.
Tregarthen’s Hotel, the very first hotel on the Isles of Scilly, has been sold for an undisclosed sum off a £1.75m guide price. This spectacular coastal hotel represented a rare freehold opportunity on the island of St Mary’s which attracted interest from a wide pool of potential buyers from both the UK and overseas. The hotel has been acquired by Nigel Wolstenholme and his wife Jackie from Hampshire, who will be focusing on the family holiday market.