Harbour Hotels acquires two former Richardson hotels for £15.5m

Harbour Hotels has continued its expansion along the South coast with the acquisition of two four-star hotels from the Richardson Hotels Group for a reported £15.5m.

The Metropole Hotel in Padstow and the Fowey Hotel in Fowey were sold by Colliers International on behalf of joint administrators Mark Boughey and Matthew Wild of RSM Restructuring Advisory LLP.

The Metropole was marketed with a guide price of £10m and the Fowey Hotel was marketed at £5.5m, however Colliers said that both properties were sold for undisclosed sums in excess of the guide price.

The Fowey Hotel sits above Fowey Estuary and features 37 rooms, a wedding venue and a two-rosette restaurant and bar, while the Metropole Hotel currently features 58 rooms, spa, outdoor pool, and a two-rosette restaurant and bar.

Ed Jefferson, from the hotels team at Colliers International, said: “They are a perfect addition to the Harbour Hotels group, which is renowned for its collection of prestigious hotels in prime sites in coastal, country and city locations around the south of England.

“We experienced unprecedented demand for these assets from around the world, from a variety of interested parties. The region is now very much on the map for top level hoteliers and as a result of this process we are looking for alternative acquisitions for a number of under bidders.”

Mike Warren, managing director of Harbour Hotels, added: “We are very excited to be taking the Harbour brand further into Cornwall. Both Fowey and Padstow are popular, well-known locations making the hotels great acquisitions for us. We are really excited to have the group expand across the West Country.”

Harbour said extensive refurbishment programmes are already planned for each of the properties, including the introduction of its HarSPA brand, alongside its established restaurant and bar concepts, and the two hotels will be re-branded under the Harbour name on the completion of works in 2019.