Occupying an Victorian Villa, which is believed to date back to the 1880s, the Richwood has been under the same ownership since 2011, during which time it has undergone refurbishment throughout, aiming to restore many of the original features.
The hotel has undergone a number of extensions over the years and the property offers 14 en-suite guest bedrooms and spacious public areas, including a guest lounge, games room and bar, with the added benefit of a swimming pool and spa.
The Richwood has been traded to suit the present owner’s lifestyle, closing for three to four months each year. Previous owners, Veronica Pickles and Saida Hammoud decided to sell in order to pursue retirement.
The Richwood has been purchased by Ian and Deborah Dunning, who have experience in the hospitality sector, having recently sold a pub, The Button Oak Inn in Buttonoak near Bewdley, and from running another hotel.
The pair plan to trade the business as The Purple Tree Guest House.
Mr and Mrs Dunning, said: “We look forward to enjoying the Torbay environment and community and making a nice comfortable stay for our guests in the future years.”
Stephen Champion, associate director at Christie and Co, who handled the sale said: “We are delighted to have brokered the sale of the Richwood Hotel on behalf of our clients, Veronica and Saida. The hotel benefits from a wealth of opportunity and we have no doubt new owners, Ian and Deborah, will take the hotel from strength to strength.
“The market for hotels and guest houses is buoyant, not only in Torquay, but across the South West region, with buyers particularly keen to acquire assets with upside.”