A coastal hotel in a ‘superb’ South Devon location has been sold in a multimillion-pound deal arranged by joint agents Simon Stevens Associates and Charles Darrow.
The Cottage Hotel, overlooking Hope Cove near Salcombe, was purchased in an off-market deal by Beach Barefoot Hospitality from the Ireland family, who had owned the hotel for more than 50 years.
The exact sale price for the 45-bedroomed venue has not been disclosed, although offers had been invited on a guide price of £8 million for the freehold property and operating business. The purchase also includes a staff house and two luxury apartments.
Beach Barefoot Hospitality, the UK trading arm of an international hotelier, now plans to reposition The Cottage Hotel as a luxury waterfront venue.
Independent hotel broker Simon Stevens, of Simon Stevens Associates, and Jon Clyne, director of commercial property agency Charles Darrow, worked closely on the deal as joint agents for the Ireland family.
Mr Stevens 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.”
Mr Clyne said: “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 statement from 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.”
The deal was due to a second-generation retirement sale by the Ireland family, who have owned and operated The Cottage Hotel since 1973 through their family business.
William Ireland, a director of J.K. & J. Ireland (Cottage Hotel) Limited, 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.”
Chris Field, head of hotels and hospitality at Sirius Finance, worked closely with Simon Stevens Associates and Charles Darroww to arrange Beach Barefoot Hospitality’s funding for the purchase.
Minesh Patel, of Keystone Law, provided legal advice for Beach Barefoot Hospitality, while Matthew Cook, of Elevate Legal, represented the Ireland family.
The Cottage Hotel is set in around three acres overlooking Bigbury Bay with direct beach access, and currently features spacious public areas, a seasonal bistro, ice cream parlour and art studio.
Set above the picturesque Hope Cove harbour and beach, the hotel is a short drive from the neighbouring towns of Kingsbridge and Salcombe, 50 miles from Plymouth, 46 miles from Exeter and 120 miles from Bristol. The nearest train station about 19 miles away at Totnes.
