An award-winning hotel in Torquay has been snapped up off a guide price of £1.15m by new buyers rooted in a London-based advertising agency.
The Meadfoot Bay Hotel has been under the ownership of Chris, Caroline and Gary Waters since 2006, and now the 16-bed property has been bought by Philip Harnett and Vicki Osborne who run an advertising company in the capital.
The sellers extensively renovated the hotel, creating a business which has been recognised for its excellence through numerous awards and accolades including a five-star AA rating and also the Breakfast Gold Award for 10 years running.
Located on the Meadfoot Sea Road, just a short walk from the Marina and Torquay‘s centre, the hotel has 16 bedrooms, plentiful public trade space and a private five bedroom owner’s apartment.
Stephen Champion, business agent in Christie & Co’s Exeter office handled the sale and comments: “We are delighted to have secured the sale of this lovely family-run hotel which has been very well developed on behalf of the previous owners. This is reflected in the high level of business and profits, as well as in the reports and reviews from its customers, and we have no doubt that the new owners will continue the success of the venue.
“This sale illustrates the improving market and increasing demand we are experiencing in the South West region for hotels and guest houses, with Christie & Co seeing a 49% increase in sales agreed this year, in comparison to the same period in 2016.”