Four leading hotels in major West Country resorts have been placed on the market following the administration of Richardson Hotels Limited and Fowey Hotel Limited, part of the Richardson Group hotel chain.
Sector specialist Colliers International has been instructed by joint administrators Mark Boughey and Matthew Wild of RSM Restructuring Advisory LLP to sell the Metropole Hotel in Padstow; the Falmouth Hotel, Falmouth; the Fowey Hotel in Fowey; and the Grand Hotel, Torquay. All hotels continue to trade on a business as usual basis.
Ed Jefferson from the South West Hotels team at Colliers International said: “Richardson Hotels Limited and Fowey Hotel Limited have gone into administration, creating a unique opportunity for hotel operators to acquire some of the best-known hotels on the South West peninsula. All have great features that will appeal to a wide range of buyers.
“Interested parties are invited to make an offer either individually, in clusters or as a group. Our clients will decide what offer or combination of offers to accept in order to satisfy the needs of the administration.”
The four-star Metropole in Padstow is located in an elevated position on the banks of the Camel Estuary, adjacent to Rick Stein’s flagship restaurant. There are 58 en suite letting rooms of which 33 have sea views, and the brasserie, bar and restaurant have excellent views across the estuary and harbour.
Ed Jefferson commented: “This is a once in a lifetime opportunity to acquire a landmark asset in a premium location. As well as being associated with a variety of famous chefs, the area is a very affluent holiday destination.”
He added that the Metropole is set in a 1.5 acre site, offering considerable potential for development subject to the necessary consents.
The Grade II listed, three-star Falmouth Hotel is positioned in a substantial plot overlooking Castle Beach and enjoys excellent sea views, as well as being close to historic Pendennis Castle. It has 71 en suite letting rooms, of which approximately 40 have sea views.
The Fowey Hotel is a four-star boutique hotel which enjoys a spectacular location overlooking the estuary. There are 37 en suite letting rooms, of which 24 have sea views, and the bar and restaurant also enjoy excellent views, one of the lawns is regularly used as a venue with a large marquee.
Ed Jefferson said: “The Fowey Hotel has been used as the flagship of the group for some time. This hotel is of a size that will attract both independent hoteliers and operators of small chains seeking a trophy asset. The hotel also has very desirable water frontage.
The four-star Grand Hotel is located on Torquay seafront and has been the bay’s landmark hotel since it was built in Victorian times. It has 132 en suite letting rooms, and a main bar and brasserie which enjoy excellent sea views and are the focal point for the main restaurant, plus three additional function/ banqueting rooms.
Ed Jefferson said: “We are confident this property will attract seasoned operators looking to acquire a high turnover business in a prime seafront location.”
Colliers International Hotels director Peter Brunt added: “These landmark properties occupy outstanding positions in some of the best loved West Country resorts.
“Individually, they have dominated their local hotel landscape for years and now offer once in a lifetime opportunities for operators to complement an existing portfolio, or to create a fantastic new portfolio.”