Metropole Hotel and Fowey Hotel purchased by Harbour Hotels
Two four-star hotels in Cornwall from the portfolio brought to the market following the administration of Richardson Hotels Limited and Fowey Hotel Limited, part of the Richardson Group hotel chain, have been purchased by Harbour Hotels. Both properties were sold for undisclosed sums in excess of the guide price.
The Metropole Hotel in Padstow and the Fowey Hotel in Fowey were sold by Colliers International on behalf of joint administrators Mark Boughey and Matthew Wild of RSM Restructuring Advisory LLP.
The Metropole was marketed with a guide price of £10,000,000 and the Fowey Hotel was marketed at £5,500,000.
Ed Jefferson, from the Hotels team at Colliers International, said: “The Metropole Hotel and the Fowey Hotel are unique landmark venues in premium locations, which have excellent development potential.
“They are a perfect addition to the Harbour Hotels group, which is renowned for its collection of prestigious hotels in prime sites in coastal, country and city locations around the south of England.
“We experienced unprecedented demand for these assets from around the world, from a variety of interested parties. The region is now very much on the map for top level hoteliers and as a result of this process we are looking for alternative acquisitions for a number of under bidders”
The Metropole Hotel is situated in a 1.5-acre site in an elevated position in Padstow, 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.
The Fowey Hotel, the flagship in the Richardson Hotels group, is located at the end of a private drive overlooking the Fowey Estuary. It has 37 en-suite letting rooms, of which 24 have sea views, and the bar and restaurant and well-tended gardens also have superb views. Both hotels have continued to trade on a business as usual basis following the administration.
Mike Warren, managing director of Harbour Hotels, commented: “We are very excited to be taking the Harbour brand further into Cornwall. Both Fowey and Padstow are popular, well-known locations making the hotels great acquisitions for us. We are really excited to have the group expand across the West Country.”
The two other hotels from the Richardson Hotels Limited and Fowey Hotel Limited portfolio are the Falmouth Hotel, and the Grand Hotel, Torquay, which both continue to trade on a business as usual basis.