An art deco hotel in Cornwall has been sold for in excess of £5m in a deal secured by Knight Frank.
Best Western Hotel Bristol in Newquay has been snapped up by new owners, Salboy, a UK property developer based in Manchester, for the first time in 94 years.
The hotel comprises 74 bedrooms arranged over three floors centred around an open-air forecourt, plus a recently refurbished cocktail bar and public restaurant.
There are also seven function rooms and a ballroom able to accommodate up to 300 guests.
In addition to the hotel and its car park, the sale also included the purchase of three additional sites; 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.
Originally built in the Victorian era and later extended in 1934, the Hotel Bristol has been owned by the Young family for almost a century and was sold after a ‘competitive bidding process’.
Matthew Smith, partner in the hotels team at Knight Frank comments: “This sale demonstrates the wall of capital that is waiting to be deployed for South West hotel assets that provide an opportunity for an investor to reposition a business and take advantage of its trading position. We received a high number of offer proposals all from credible parties keen to stamp their own style on the business, resulting in a best & final bids process. Salboy intend to continue to operate the business as a hotel and have exciting plans for the adjoining assets & land.”
Howard Young, managing director of Hotel Bristol, commented: “After a competitive bidding process, we are pleased to pass the baton to a new owner. We wish to thank our loyal staff past and present for their hard work over many years.”