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The Passage House Hotel in Devon has been put on the market for the first time in 34 years, at a selling price of £5.5m.
Having been under the same ownership since 1988, the hotel’s owners have decided to retire from the hotel industry.
The Passage House Hotel is a business with income derived from the private leisure, wedding and events, and corporate market.
The hotel comprises 90 ensuite bedrooms and 29 timeshare apartments. It features public areas, including a lounge and bar, conservatory, restaurant, banqueting suite and two meeting rooms. It also features an outdoor terrace, a spa and leisure club offering private membership and car parking.
Located close to the English Riviera, the freehold property offers connections via Exeter and the M5 motorway via the A380. Additionally, the hotel is situated close to Dartmoor National Park, which attracts 7.3 million visitors annually, and Exeter airport.
Global property advisors Knight Frank and Simon Stevens Associates have been instructed as joint sole agents to sell the hotel.
Matthew Smith, partner in Knight Frank’s Hotels team, said: “We believe this represents a great opportunity for a new owner to acquire an established and profitable hotel business that benefits from a structured management team.
“There is also potential to further develop the trading performance by either continuing to operate as an independent hotel or explore the option to work alongside a global brand. The business has reported exceptional recent trading performance with strong forward bookings for 2022.”
Simon Stevens, director of Simon Stevens and Associates, added: “This is the first time this property has been on the market, so we anticipate this hotel to attract competitive interest from investors seeking such a tremendous opportunity.”
Roger Haywood, Passage House owner, said: “We will continue to operate the neighbouring Passage House Inn which has been in our family for nearly 70 years and we shall look forward to forging a strong relationship with the new owner to capitalise on the synergy between both businesses.”
