The 74-bedroom Best Western Hotel Bristol, an art deco hotel in Newquay, has gone up for sale for the first time in almost a century.
Brought to market by Knight Frank, the hotel, which was originally built in the Victorian era, is seeking offers in excess of £3.5m, having been owned by the Young family for the last 94 years.
Howard Young, managing director of Hotel Bristol, commented: “After more than 90 years of owning and managing the iconic Hotel Bristol my family have decided it is the right time to seek a new owner to continue this stewardship. My children have decided they wish to seek new opportunities and careers away from the hospitality industry and we believe that now is the right time to pass the baton to a new owner.”
Hotel Bristol comprises 74 bedrooms arranged over three upper floors, as well as a newly-refurbished art deco cocktail bar and lounge, a large restaurant and a total of seven function rooms, including the Ballroom able to accommodate up to 300 guests.
Aside from the hotel and its car park, there is also an opportunity to acquire additional assets and land, which are available under separate negotiation to include an adjoining four-bedroom residential house, five garages/lock up units and an 80-space pay and display car park which measures just under half an acre which, subject to planning permission could suit an alternative/residential use.
Matthew Smith, partner in the hotels team at Knight Frank, said the sale was a ‘once in a lifetime opportunity’ to acquire the hotel, which looks set to cash in on the staycation boom upon reopening.
He commented: “The business will appeal to an array of buyer profiles and provides significant rebranding/re-positioning opportunities to capitalise on the private leisure market.
“Once restrictions were relaxed last year, many South West hoteliers reported phenomenal trading performance from July to October and in some cases generated a normalised 12 month profit over a four month period. As we plan to exit this current lockdown, with hotels due to fully reopen in May, given the pent-up demand for staycations for the both the short and longer term, this represents a great opportunity to acquire a substantial coastal hotel asset with significant future upside.”