St Andrews Hotel, Exeter sold to new market entrants through Christie & Co
Specialist business property adviser, Christie & Co is pleased to announce St Andrews Hotel, an independent bed and breakfast located in Exeter, Devon, has been sold to a new entrant to the sector.
Located within the heart of Exeter, the hotel is well-positioned for guests to explore the historic city. It sits a short walk away from the city centre, close to the picturesque quayside and the Marsh Barton Trading Estate in the Alphington district.
The hotel, which comprises 25 en-suite bedrooms maintained to an excellent condition, has been owned by Vincent and Elaine Blackshaw for 13 years as part of a portfolio of three hotels in Exeter, including The Clock Tower and Georgian Lodge. They have made the decision to sell in order to retire from the industry. The sale of St Andrews Hotel follows that of the Clock Tower which was sold last year.
The business has been purchased by Mohan Arora and Tarini Mendiratta – new entrants to the sector who met whilst studying at University of Exeter. They have always wanted to move back to Exeter after finishing their studies, having spent time post-university living and working in both London and India and holding fond memories of the city.
They comment, “We are delighted to have purchased St Andrews Hotel and were initially attracted to the property because of its potential for someone to add value. Our intention is to create a new image for the hotel by comprehensively refurbishing and modernising, whilst improving the existing business. We look forward to becoming part of this wonderful community.”
Stephen Champion, Director at Christie & Co handled the sale and comments, “The St Andrews Hotel has always held its own, competing against the other largely corporate owned hotels that dominate Exeter’s bed stock. It is fantastic to see this hotel sell for continued use as a hotel to independent operators, who plan to build upon the already successful business created by Vincent and Elaine Blackshaw, who incidentally purchased the hotel via Christie & Co back in 2007. We wish Mohan and Tarini every success in the future.”
St Andrews Hotel was sold off an asking price of £1,300,000.