The Radnorshire Arms hotel in Presteigne, mid Wales, has been sold out of administration by Colliers International.
The Grade II-listed property, which had been empty for over a year, has been sold for an undisclosed price to Allworks Properties Ltd, which owns a number of other pubs and hotels.
The sale of the 19-bedroom timber frame hotel was negotiated by Colliers, acting on the instructions of Damian Webb and Diana Frangou of RSM Restructuring Advisory LLP, as joint administrators of Leisure & Development Ltd.
It follows the company’s disposal of the Knighton Hotel at Knighton in September 2019 as part of the same administration process.
Peter Brunt, director of Hotels Agency at Colliers International, said: “The Radnorshire Arms is a hotel with huge potential, and its sale to an experienced hospitality operator shows that the hotels market is active despite the coronavirus pandemic.
“There were two offers at the agreed price level pre-virus, and the selected bidder was happy to proceed as agreed with the sale exchanging and completing at a time when the country has been under lockdown.”
Director at Allworks Properties, John Rivers said: “We are delighted to have completed on the sale of the Radnorshire Arms, and are very much looking forward to renovating and reopening this historic hotel in the heart of Presteigne, and offering hospitality to both visitors and the local community.”
Alongside the 19 bedrooms, the hotel also comprises a bar and two restaurants.