Michael and Frances O’Reilly have acquired their second hotel in Wales off an asking price of £1.73m just seven weeks after the property went up for sale.
The local hoteliers have added The Royal Sportsman in Porthmadog to their portfolio from a ‘private individual for an undisclosed sum’ in a deal brokered by Colliers International and advised by Neil Thomson.
The three-star, 28-bedroom hotel will be run alongside The Caerwylan Hotel in Criccieth, which was acquired by Michael and Frances in August 2016.
They will now invest in bringing back the Royal Sportsman back to its former glory and will ‘work sympathetically with the building’ to enhance its character.
Neil Thomson, who advised the seller, commented on the sale: “This busy and well-known high street hotel is located in a prime tourist destination of North Wales and as such generated plenty of interest from local, regional and national buyers who were keen to acquire and develop portfolios.”
Colliers advised the seller, a private individual who owned the hotel for seven years before taking the decision to sell up to relocate to the south coast to be closer to his family.