The Grosvenor hotel in Plymouth has been sold to first time buyers.
The 40-room boutique hotel was bought in 2008 by Paul & Lindsey Bennett, and in that time they have quadrupled turnover, profits and staff numbers.
Arranged over five floors, the hotel comprises 40 bedrooms, two guest lounges, a licensed bar, two meeting rooms and a spacious dining room.
The property was believed to have been originally built in 1879 as a private residence, before being converted to the Grosvenor Hotel in 1990.
During the Bennett’s tenure, they increased staff numbers from seven to 25 and in 2014 undertook a major refurbishment of the hotel, expanding it from 29 to 40 letting bedrooms.
As a result of the improvements and expansion that the Bennetts oversaw, The Grosvenor has won multiple accolades in several local business awards. They will now enjoy a well-deserved break from the hotel industry for a while.
Stephen Champion, senior agent at Christie & Co’s Exeter office who handled the sale comments: “The hotel is located in a prime location just 200 yards from Plymouth city centre and enjoys high levels of year-round occupancy from both business and leisure travellers. The Grosvenor quickly gathered strong interest from several parties when put to market, resulting in multiple offers from a variety of domestic and international operators.”
The new owners, whose background is in business management, will be hoping to capitalise on Plymouth’s ever-improving national status.
The Grosvenor Plymouth was sold off an asking price of £2,950,000.