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Bangkok-based hotel management company, Compass Hospitality, has acquired The Esplanade Hotel in Paignton, Devon, for an undisclosed amount.
The seafront hotel, which is close to the old harbour, beach promenade and town centre, features 84 ensuite bedrooms, more than 50 parking spaces, a ballroom and restaurant.
While the property has historically accommodated coach groups, it is currently being used to house asylum seekers.
Harmil Singh, president and CEO of Compass Hospitality, said: “We are pleased to have The Esplanade Hotel complement our portfolio of properties in the UK. It stands as a testament to our commitment to enhancing our collection of growing UK properties.
“As we continue to expand our presence in the dynamic landscape of the UK hospitality industry, Compass Hospitality remains dedicated to forging partnerships and pursuing acquisitions that align with our vision.”
Stephen Champion, director in Christie and Co’s Hotel team, added: “We are delighted to announce the sale of the Esplanade Hotel in Paignton after a sales process that generated significant buyer interest and competitive offers from a number of parties.
“The property is one of the 33 leisure-focused hotels, positioned in leading resort and leisure destinations across England, Scotland, and Wales, that we are currently marketing on behalf of Coast and Country.”
He added: “The hotels have received very strong interest to date and a limited number of these assets remain available, so we invite any interested parties to get in touch.”
