10/25/2018 | Hotels

The Grosvenor Plymouth Hotel sold through Christie & Co

Specialist business property adviser, Christie & Co has sold the Grosvenor Plymouth Hotel, located on the iconic Plymouth Hoe, to first time buyers with funding secured through specialist commercial finance broker, Christie Finance.

Arranged over five floors, the substantial hotel comprises 40 en-suite letting bedrooms, two guest lounges, a licensed bar, two meeting rooms and a spacious dining room. The property was believed to have been originally built in 1879 as a private residence, before being converted to the Grosvenor Hotel in 1990.

The property was purchased by independent hoteliers, Paul & Lindsey Bennett ten years ago in 2008. They have transformed the business during this time – quadrupling turnover and profits, increasing staff numbers from seven to 25 and in 2014 undertook a major refurbishment of the hotel, expanding it from 29 to 40 letting bedrooms. As a direct result of their hard work the Grosvenor Plymouth recently won ‘Large Hotel of the Year’ accolades at both the Devon and South West Hospitality Awards and remains the only multiple winner of the Plymouth ‘Hotel of the Year’ title.

After 15 years as hoteliers the couple have decided to take a break from the industry. Paul comments, “The Grosvenor has been a labour of love for us both over the past 10 years and it has been an extremely difficult decision to move on. The success of the hotel has purely come down to many years of graft from a truly wonderful team of staff, to whom we will always be very grateful.” On what the future holds next for the couple, Mr Bennett adds, “Change is always exciting. We have deliberately not made any new fixed plans as of yet, but I love working and am excited at what crazy new projects lay ahead! We will definitely be looking for new opportunities, so who knows what the future may bring…”

The hotel was acquired by first time purchasers with a background in business management.    

Chris Field, Director at Christie Finance comments, “I’m delighted to have helped the buyers acquire their first hotel business and wish them every success with the Grosvenor. They will be fantastic operators for this well-established hotel and with very impressive credentials, I look forward to seeing business go from strength to strength.”

Stephen Champion, Senior Agent at Christie & Co’s Exeter office who handled the sale comments, “The hotel is located in a prime location just 200 yards from Plymouth city centre and enjoys high levels of year-round occupancy from both business and leisure travellers. The Grosvenor quickly gathered strong interest from several parties when put to market, resulting in multiple offers from a variety of domestic and international operators.

“Plymouth has benefitted from an influx of visitors in recent years, attracted by the growing university, multitude of new businesses and significant investments that have been made in the city centre and other retail areas, such as Royal William Yard. The undersupply of hotel rooms in Plymouth has been a particular draw for operators looking to capitalise on this gap in the market by acquiring existing hotels such as The Grosvenor or by building new hotels. The new owners of the Grosvenor have an exciting time ahead of them and we wish them every success for the future.”

The Grosvenor Plymouth was sold off an asking price of £2,950,000.