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he Osborne Hotel in Ilfracombe, Devon, has been sold to independent operator, Monroe Apartments off a guide price of £925,000.
Under the ownership of the Cox family since the 1970s, The Osborne Hotel enjoys a “prominent trading position” in the centre of Ilfracombe. The “substantial” hotel was originally formed of four grand Victorian townhouses and was later expanded through the incorporation of the Grade II listed Northfield House to the rear and a few more recent extensions and additions.
The hotel offers 53 en-suite guest bedrooms, a bar, dining room and 200 capacity ballroom. In addition, the hotel includes a two-bedroom owner’s house, secure garage and disused four-bedroom apartment.
Brothers, Stuart and Nick Cox, decided to sell the hotel to pursue new business ventures.
Stuart Cox said: “After over 50 years of running a busy hotel, we felt the time was right to sell. After contacting Christie and Co, having previously tried other agents, we immediately felt confident in their ability to help with the sale. So, a big thanks to Stephen and his team at Christie and Co for achieving the sale.”
New owners, Monroe Apartments Ltd, which operates aparthotels in London and Eastbourne, has already been granted a lawful development certificate by North Devon County Council for internal changes and usage, in order to convert the hotel into an aparthotel.
Stephen Champion, director – Hotels at Christie and Co, who brokered the sale, said: “The Osborne Hotel has been successfully operated as a popular hotel focusing on coach groups for over 50 years, however changing tastes and more discerning visitors meant the hotel needed an extensive refurbishment at the time of sale to meet the demands of the modern hotel guest.
“The booming staycation market has seen demand for aparthotel and self-catering style accommodation increase as people look for more flexibility in their accommodation. It is therefore unsurprising to see the new owners take The Osborne Hotel business in this direction.”
He added: “We wish the new owners every success with their plans for The Osborne and have no doubt that their extensive experience in this market will see them make a success of the business when it reopens.”
