Ilfracombe hotel sold to independent aparthotel group
Specialist business property adviser, Christie & Co, has announce that The Osborne Hotel in Ilfracombe, Devon, has been sold to independent operator, Monroe Apartments Ltd. The hotel received offers from multiple parties when launched to the market, demonstrating the strong buyer appetite that currently exists for hotel assets.
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Under the ownership of the Cox family since the 1970s, The Osborne Hotel enjoys a prominent trading position in the centre of Ilfracombe close to all the town has to offer. The substantial hotel was originally formed of four grand Victorian townhouses and was later significantly expanded through the incorporation of the Grade II listed Northfield House to the rear and a few more recent extensions and additions. The hotel offers 53 ensuite guest bedrooms, a bar, dining room and 200 capacity ball room. In addition, the hotel includes a spacious two-bedroom owner’s house, secure garage and disused four-bedroom apartment.
Brothers, Stuart and Nick Cox, decided to sell the hotel to pursue new business ventures.
Stuart Cox comments, “After over 50 years of running a busy hotel, we felt the time was right to sell. After contacting Christie & Co, having previously tried other agents, we immediately felt confident in in their ability to help with the sale. So, a big thanks to Stephen and his team at Christie & Co for achieving the sale.”
New owners, Monroe Apartments Ltd, which operates successful aparthotels in London and Eastbourne, has already been granted a lawful development certificate by North Devon County Council for internal changes and usage, in order to convert the hotel into an aparthotel.
Stephen Champion, Director – Hotels at Christie & Co, who brokered the sale, comments, “The Osborne Hotel has been successfully operated as a popular hotel focusing on coach groups for over 50 years, however changing tastes and more discerning visitors meant the hotel needed an extensive refurbishment at the time of sale to meet the demands of the modern hotel guest.
“The booming staycation market has seen demand for aparthotel and self-catering style accommodation increase as people look for more flexibility in their accommodation. It is therefore unsurprising to see the new owners take The Osborne Hotel business in this direction. We wish the new owners every success with their plans for The Osborne and have no doubt that their extensive experience in this market will see them make a success of the business when it reopens.”
The Osborne Hotel was sold off a guide price of £975,000.
For further information on this press release, contact:
Phoebe Burrows, Corporate Communications Executive
P: 020 7448 8849 or E: phoebe.burrows@christie.com
Contact the agent:
Stephen Champion, Director
T: +44 (0) 1392 285 609 or E: stephen.champion@christie.com
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