Hospitality newcomers Graham and Gabriella Preece have made their first hotel acquisition, swapping their jobs in international cycling management for a career in the boutique hotel sector.
The Esplanade Hotel was sold through Colliers International off a guide price of £850k after 14 years under the same ownership.
Now the Preece duo have drawn up a two-year transformation plan to convert the 14-bedroom B&B into a contemporary boutique hotel.
Graham, formerly a building surveyor, said: “We would like to open a coffee room in the lounge overlooking the ocean to make better use of this fantastic space and of the hotel’s facilities. We’re aiming to have the hotel running for 12 months of the year – for the locals as well as our guests.”
The hotel forms part of a terrace of five properties originally built as town houses in the 1870s and is arranged over three floors plus attic and basement.
Peter Brunt, a director in the hotels team at Colliers International, said: “The buyer used to go to Tenby for his holidays and was determined to return one day to open his own business.
“Graham and Gabriella have now sold their business in Chepstow to start a dream life in the heart of West Wales.
“It has been successfully traded to serve the town’s thriving bed & breakfast trade but is fully capable of being re-launched at other, equally profitable sectors.”