The Cottage Hotel, overlooking Hope Cove near Salcombe in South Devon, has been acquired in an off-market deal by Beach Barefoot Hospitality.
Offers for the 45-bed hotel, staff house and two luxury apartments, had been invited on a guide price of £8m. Beach Barefoot Hospitality intends to reposition The Cottage Hotel as a luxury waterfront venue.
Simon Stevens, from Simon Stevens Associates, which alongside Charles Darrow advised the hotel owner on the deal, said: “This outstanding hotel has a rich history and an impressive, long-standing reputation, making it highly attractive to the purchaser. The hotel industry has enjoyed a buoyant summer season, encouraging investment into the sector with credible buyers seeking new opportunities. We would welcome any approach from other hoteliers considering their future plans and wanting confidential marketing advice.”
Jon Clyne, director of commercial property agency Charles Darrow added: “This is an extraordinary property, nestled in one of South Devon coast’s most breath-taking locations, with uninterrupted sea and coastal views. Beach Barefoot Hospitality has very clear plans to capitalise on this superb setting for the luxury market, and we look forward to seeing that investment progress. We always welcome approaches from other owners to market and complete similar off-market deals on a confidential basis.”
A spokesperson for Beach Barefoot Hospitality, said: “We are excited to have purchased this well-known hotel on such a glorious coastal vantage point. We will now reposition the hotel as a waterfront luxury venue delivering exceptional service to guests seeking a unique, resort-style environment.”
William Ireland, a director of JK & J Ireland (Cottage Hotel), which has owned the hotel since 1973, said: “We are proud of The Cottage Hotel’s remarkable reputation, cultivated over five decades of our continuous ownership. We have made substantial investments in the property to ensure its future success and it now has huge potential for a future owner to add value. We wish Beach Barefoot Hospitality every success.”
Sirius Finance arranged Beach Barefoot Hospitality’s funding for the purchase and Keystone Law provided legal advice. Elevate Legal, represented the Ireland family.
