The sale of two hotels in within the Richardson portfolio ‘exceeded their guide prices’, demonstrating the strength of the market in Cornwall.
Harbour Hotels group secured the 58-bedroom Metropole Hotel in Padstow, North Cornwall and the 37-bedroom Fowey Hotel at Fowey, in South Cornwall out of administration from the Richardson Group earlier this year.
Both properties exceeded their guide prices of £10m for the Metropole Hotel and £5m for the Fowey Hotel, helping to contribute to a ‘bumper year’ for the hotels market in the south west.
Ed Jefferson from the hotels division said that the region had the best summer since 1976, meaning operators saw a rise in occupancy and room rates, amid ‘challenging conditions’.
He said: “The strength of the market was best demonstrated through the marketing by Colliers International of the Richardsons’ Hotels portfolio in the early part of the year.
“This was a portfolio of four large hotels in landmark locations throughout the South West. Huge publicity was achieved by the marketing campaign and more than 90 verified parties formally declared an interest.
“The sale was widely lauded as a fantastic result and a significant vote of confidence for the region.”