The Old Cross Hotel, located in Wales’ smallest city of St Davids, has been sold after strong competition from buyers eager to exploit the property’s offerings.
Colliers International was responsible for the changeover, selling the property for just off an asking price of £750,000 freehold.
The three-star hotel is situated opposite the famous cross in St Davids and last changed hands in 2002.
Hotels director Peter said: “There was considerable competition to purchase the hotel with its prime position in the heart of the city.
“The hotel has been snapped up by experienced regional operators who know how to exploit the considerable opportunity the hotel offers.
Peter also said the Old Cross was typical of the top quality property on the market across the Principality.
“Prospective buyers are beginning to appreciate the value available in Wales,” he continued.
“There has been a noticeable increase in viewing activity for hotels across the country, including the Elan Valley Hotel in mid Wales, the Penrallt hotel and self-catering complex near Aberporth – on the market at £1.5m and the 18-bedroom Brynafon Hotel at Rhayader which also includes owner’s accommodation in the asking price of just £395,000.”
He concluded: “There is no doubt that in the depth of recession the hotel market in Wales was in poor shape because buyers were cautious. Today the market is far from the doldrums with a breeze picking up that heralds a sustained rise in prices, as operators find that their revenues and profits recover with the economy.”