A hotel in Pembrokeshire that has been closed for two years has been sold out of receivership to new owners.
The Penrallt Hotel appointed Quantuma as administrator in 2017, and following a review, instructed Colliers International to bring the hotel to market, resulting in the sale to GPS UK, for circa £350,000.
The 26-bedroom Edwardian Country House is set in 26 acres and has two swimming pools, a gymnasium and spa in a detached complex.
It was first put on the market in May 2017 for £500,000, but following failed negotiations with a potential buyer, the price was reduced.
Under its new ownership, a two-phase refurbishment programme will now be overseen by managers Jane Vale and Owen Preece from Mid-Wales, who formerly owned a restaurant near Ludlow.
They said the initial plan to get the business ‘operational’ before aiming to reopen the hotel in late summer.
The refurbishment will be completed in 2020.
Vale said: “We are focusing on a complete refurbishment of the first 15 bedrooms, restaurants and reception rooms. We are landscaping the grounds to restore Penrallt to its former glory. The 11-garden room refurbishment will run alongside this.
“The second phase of the development will be to refurbish the swimming pool and spa into a state-of-the-art facility.
The Quantuma team was led by partners Frank Wessely and Chris Newell.
Frank Wessely said: “The Penrallt used to be a pillar of the region, and with beautiful Edwardian heritage, has the potential to be one of the most reputable hotels on the Welsh coast. It’s fantastic to have completed the sale of this iconic building to the team at GPS UK, which is set to regenerate the business using the skills of local trades and businesses.
Peter Brunt, a director with Colliers International’s hotels team, said he had kept a watching brief on the hotel after selling it out of administration to the previous owners.
He said: “I am thrilled that Penrallt has found a new owner who will bring this lovely hotel back to a high standard of presentation.
“Penrallt is an Edwardian hotel set in nearly 26 acres of landscaped grounds. It was in receivership and has been closed for two years but it offers huge potential for a good operator to make their mark on it and create a vibrant, successful business here.”