Historical Devon hotel sold for undisclosed sum
The Grade-I Elizabethan manor house, which had an asking price of £2.25m, was purchased by hoteliers the Nettleton family for an undisclosed sum.
The new owners, who already operate two four-Star hotels in Newquay on the North Cornish coast, said they plan to turn it into more of a ‘destination venue’. They will build on Boringdon Hall’s strong banqueting and function trade, but will also look to create additional on-site facilities, including spa and beauty treatment.
Located near Plymouth, Devon, the hotel was sold by property agents Christie + Co on behalf of its retiring owner Paul Chapman.
It is set within grounds of around seven acres and includes 41 bedrooms, four banqueting suites, a 60-cover restaurant, a residents’ bar and a 350-capacity marquee.
The hotel was extensively converted in the 1980s and has become particularly popular as a venue for weddings.
Hotel property market recovering
According to Simon Harvey, director at Christie + Co, the hotel attracted multiple bids since being put on the market late last year.
“The interest generated in this hotel and the speed at which a sale was agreed goes to show that quality opportunities when promoted correctly will still generate demand even in more challenging trading conditions,” he said.
In their business outlook, released earlier this week, the property agents said the UK hotel market appears to be stabilising. Average hotel property prices in the UK remained stable over the past 12 months, which is a positive sign after the 20 per cent decline in prices the previous year.
Jeremy Hill, Head of Hotels at Christie + Co, said: “2010 was the year in which some sense of normality returned to the hotel market. The trading landscape, although far from easy, was much clearer than it had been the previous year and hotel businesses focused on improving revenue, whilst still keeping a watchful eye on costs.”
