The sale of Treloyhan Manor Hotel prompted fierce competition from buyers desperate to cash in on the UK staycation boom.
Savills sold the 39-bedroom hotel on behalf of joint administrators of Methodist Guild Holiday Limited to the Northold Group after the sale received ‘significant interest’ and sold for almost twice the asking price of £1.75m.
The hotel, situated in Carbis Bay in St Ives, eventually sold in ‘excess of’ £3m.
James Greenslade, director in the Hotel Capital Markets team at Savills, says: “We received significant interest in Treloyhan Manor Hotel and following a competitive bidding process achieved a sale price significantly higher than the guide price. We’re continuing to see strong demand for assets in holiday destinations.”
Methodist Guild Holidays, which trades as Christian Guild, fell into administration in January this year, after struggling through the pandemic. The group operated three sites in the UK, Sidholme hotel near Exeter and Willersley Castle in Matlock, alongside Treloyhan Manor.
It went on the market in March 2021.