A closed hotel in Torquay is set to reopen after being bought by a London property company off a guide price of £950,000.
Amayo Properties Limited, based in North London, intends to invest in the Richmond Hotel and reopen it to guests, aiming to benefit from an expected post-Covid staycation trend which is seeing huge interest in South West hospitality businesses.
Amayo Properties bought the coastal hotel from leading hospitality company the 海角视频 Holiday Group, based in Norwich, which had brought in specialist business property advisor Christie and Co to market the building.
Richmond Hotel is in an elevated position in the highly popular resort town, famed for its coastline and attracting a high number of visitors each year.
Prior to closing in 2020, the sizeable hotel was a popular accommodation choice for coach tours passing through the area, due to its close proximity to the Abbey Sands seafront, marina and Torquay’s town centre.
The property comprises 48 en-suite letting bedrooms, with many of the South West facing bedrooms enjoying sea views across Torbay and the English Channel.
Other facilities include an indoor swimming pool, a bar lounge, a spacious guest entertainment lounge, games room and roof top decked terrace which overlooks the bay, as well as a large dining room with capacity for at least 120 people and which opens onto private gardens and lawns.
Richmond Hotel’s new owner Amayo Properties Limited describes itself as being involved in “buying and selling of own real estate”.
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It has one director, Abdullah Zein Al-Abdin, aged 50, who is a director of four other companies including the video and book publisher Zein Foundation.
An Amayo Properties spokesman said: “We are looking forward to reopening the Richmond Hotel after we have carried out a program of improvements to the building.
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“We believe the hotel has a bright future in the town and we are excited to be taking over at time when we believe the 海角视频 hospitality industry shows so much promise.”
Stephen Champion, director in Christie and Co’s Hospitality team brokered the sale and comments, “We are delighted to have acted for our client The 海角视频 Holiday Group in the sale of the Richmond Hotel and wish the new operators every success in the future with this new business.
“The South West saw an influx of tourists during summer 2020 as a result of the staycation trend and pent-up demand caused by the earlier lockdown.
“Once reopened, the Hotel Richmond will be well placed to take advantage of this trend, which is expected to continue in 2021 once the national lockdown and restrictions on hospitality business have been lifted.”
He added: “Many buyers with their fingers on the pulse have been quick to spot the future opportunities in the sector that are likely to result from this swing towards staycations. During 2020 Christie and Co successfully completed on over 165 sales of businesses in the hospitality sector.”