Tiverton Hotel under offer within two weeks of coming to market
Specialist business property adviser, Christie & Co is delighted to announce the Tiverton Hotel in Devon has been sold to privately owned and managed hotel group, Crest Hotels. The hotel went under offer within two weeks of coming to the market, demonstrating the strong buyer appetite that currently exists for hotel assets.
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Under the ownership of Rhys Roberts and Claire Heaven-Roberts since 1997, this Best Western-branded hotel presented an exceptional opportunity to acquire a well-established hotel in the popular market town of Tiverton when it came to the market. Rhys and Claire decided to sell in order to retire from hotel ownership.
The hotel, which was constructed in 1971, offers 69 ensuite bedrooms and a spacious restaurant, bar and lounge open to both guests and the public, which benefits from a particularly busy Sunday Carvery.
The Tiverton Hotel is the largest hotel in the area and enjoys limited local competition when it comes to its function and events space, with seven function rooms that can accommodate up to 300 guests, making it a popular choice for weddings and conferences.
New owners, Crest Hotels operate a number of hotels across the UK, including the Arnos Manor Hotel in Bristol, Feathers in Ludlow, the Holiday Inn Express Liverpool and Almondsbury Interchange Hotel.
The previous owner, Rhys Roberts comments, “We are obviously delighted to achieve such a result so quickly and we know with Crest Hotels, the business will continue to build on a strong legacy and go on to even greater success.”
Stephen Champion, Director in Christie & Co’s Hospitality team handled the sale and comments, “The Tiverton Hotel is a superb hotel which presents a plethora of opportunity for new owners. With its accolade of being the largest independently owned hotel in the local area and the current demand from buyers for assets of this quality, it is no surprise that the hotel went under offer just two weeks after being launched to the market. Christie & Co have sold over 250 hospitality businesses this year and the market shows no signs of slowing down. We wish new owners, Crest Hotels every success with this new acquisition.”
Tiverton Hotel was sold on a freehold basis by Christie & Co off a guide price of £2,950,000.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
Stephen Champion, Director – Hospitality
P: 0131 524 3403 or E: Stephen.champion@christie.com
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