The property comprises 48 en-suite letting bedrooms, with many of the south west facing bedrooms offering a sea view across Torbay and the English Channel.
Other facilities include an indoor swimming pool, a bar lounge, a guest entertainment lounge, games room and rooftop decked terrace which overlooks the bay, as well as a large dining room with capacity for 120+ which opens onto private lawned gardens.
Amayo Properties said: “We are looking forward to reopening the Richmond Hotel after we have carried out a program of improvements to the building.
“We believe the hotel has a bright future in the town and we are excited to be taking over at a time when we believe the UK hospitality industry shows so much promise.”
Stephen Champion, director in Christie & Co’s hospitality team, who brokered the sale, said: “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.”
The Hotel Richmond was sold on behalf of The UK Holiday Group.