Two experienced hoteliers have made their third hotel acquisition with the purchase of The Rainbow International Hotel in Torquay, off a guide price of £3.25m.
The 143-bedroom hotel, which includes a substantial restaurant, ballroom, club, indoor pool and a gym, is located near the seafront on Belgrave Road and was sold to local hoteliers Brett and Jo Powis.
They already own the nearby Babbacombe Hotel and Lincombe Hall Hotel which has recently been awarded an AA four-star rating.
This is the third hotel transaction in Torquay in recent weeks following Christie & Co’s sale of the Meadfoot Bay Hotel to first-time buyers as well as the acquisition of the Duchy Group consisting of three hotels by South African investors for £12.5m.
Stephen Champion, business agent at Christie & Co’s Exeter office who handled the sale comments: “Torquay is obviously a prime location for holiday makers from the UK as well as abroad. The fact that three high profile hotel transactions have been completed here within the past few weeks shows that hospitality businesses in this area, as well as more widely across the South West region, are seen as great investments for both domestic and international buyers. This is great news for the market and we expect high levels of interest to continue.”