Activity in the South West hotel market is set to increase, according to Devon based commercial property specialists Charles Darrow.
The annual European Hotel Transaction Report, which was published last week by HVS, found that the UK is now Europe’s most active hotel property market.
The report reveals that single-asset hotel deals in the UK rose by 40 per cent last year, thanks to the strong economy and good hotel operating results.
And with the South West regarded as one of the most popular areas for hotel acquisitions outside London, both domestic and overseas investors are showing significant interest in the region.
Director Martin Blacoe, head of the hotel division at Charles Darrow, believes that the report’s findings will provide a boost to the South West hotel market this year.
“It has been the best trading season for many years for a number of hoteliers, after a slow start following the wet winter and terrible storms endured here in the South West,” he said.
“The economy is gradually improving and 2015 looks set to continue that trend.
“This report provides a clear indication that the UK is providing an ideal destination for hotel owners to invest.
“And we are noticing a real pattern of buyers leaving the cities and heading towards the South West in pursuit of a new challenge.”
Charles Darrow has received enquiries from both the UK and countries as far away as New Zealand as investor appetite for South West hotels increases.
“Our clients will be among the select few with whom we are working, rather than one among hundreds, as is usually the case,” Mr Blacoe added.
“We take on superb quality properties and ensure that we match them closely to potential purchasers.
“This applies equally to a five star country B&B with four or five bedrooms as to a 90 bedroom city-centre hotel.”
Among the transactions recently completed by Charles Darrow are the sales of the Cockhaven Manor at Bishopsteignton (pictured) and the Riverside Inn at Bovey Tracey.
The Cockhaven Manor was sold to Heartstone Inns off a guide price of £1 million, while the Riverside Inn was sold to un-named investors off a guide price of £750,000.
Posted by Neil Bird
Photo By Charles Darrow
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