Historic seaside hotel is sold for £3.5m
A historic seaside hotel in Devon has been sold to an overseas investor by global property consultancy for an estimated £3.5m.
Hotel Rivera is regarded as one of the finest four-star boutique hotels in the South West, located in a prime trading position on Sidmouth Esplanade.
The Grade II listed property comprises 26 en-suite bedrooms and suites, an AA Two Rosette 85 cover restaurant, regency bar and a function suite.
Situated on the Jurassic coast within 14 miles of Exeter, the hotel has uninterrupted sea views and an external terrace overlooking the beach.
Matthew Smith, partner in Knight Frank’s Hotel Agency team, said: “After a highly successful long-standing ownership, our clients can now commence their retirement plans following a successful marketing campaign with multiple offers received for the hotel, which demonstrates the demand for highly profitable, well-maintained hotels in prime coastal locations.
“Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”
“Hotel Riviera owners, Peter & Dena Wharton added: “Our family has been welcoming guests for 50 years and the success of the hotel is due to striving for impeccable standards in both accommodation and service.
“We are incredibly fortunate to have had a team who are loyal and long-standing, who really understand the business, but as a family we have realised it is time to plan for our future and commence retirement.
“Our team and guests have always been the focal point of the hotel and we believe the new owner fully understands the ethos of the business, and shares the vision to continue the excellent customer service that our guests expect.”
Hotel Riviera sold off a guide price of £3,500,000. Everys solicitors acted for the seller and Porter Dodson acted for the buyer.