South Wales-based family-run Coastal Park Hotel & Grill has traded hands for the first time in 20 years to a buyer from outside the hotel industry.
Previous owners Mr and Mrs Hughes developed the family business over the past 20 years and are looking to remain in the sector but on a smaller scale following the sale.
Specialist business property adviser Christie & Co sold the freehold property to Manzoor Shah.
The Welsh hotel purchase is Shah’s first hotel business as well as his first experience with the industry. With funding arranged through Christie Finance, Shah acquired Coastal Park Hotel and intends to run the hotel with full-time assistance of family members.
Llanelli is located between Swansea and Carmarthen and the business has benefited from both commercial and leisure trade.
Corrina Jones, business agent in Christie & Co’s Cardiff office said: “Llanelli is undergoing an exciting regeneration; the Llanelli Coast Joint Venture between the Welsh Assembly Government and Carmarthenshire County Council is a partnership which will hopefully deliver an ambitious regeneration plan for Llanelli Waterside.
“This development will benefit the local economy and area in general and we wish the new owners all the best with their new venture.”