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The Nethway Hotel, located in Torquay, has been acquired by a first-time buyer for an undisclosed sum.
Occupying a detached Victorian villa, believed to date back to 1840, the Nethway Hotel features 25 en-suite guest bedrooms, a substantial function room for up to 80 guests and a bar and lounge.
Additionally, the hotel also features extensive outdoor space with a gazebo for 100 guests, licensed for wedding ceremonies, a terraced seating area, garden and swimming pool.
The hotel was an old-fashioned coaching hotel when the previous owner acquired it back in 2006. They have since fully refurbished the hotel and changed the direction of the business to focus on weddings, which has proved hugely successful.
In 2019, they are set to host over 50 weddings and receptions and, in addition, the hotel benefits from private leisure and group travel accommodation bookings.
Previous owners, Dave and Jo Ison decided to sell the Nethway Hotel in order to focus on their property renovation business. Jo will be staying on as an employed wedding planner after completion, keeping her extensive experience within the business.
She said: “I am really looking forward to working with Julie and family to drive the wedding business further in the future with all their exciting plans. Thank you to Christie & Co for securing us the right buyer for the Nethway.”
New owner, Julie Way is a first-time hotel buyer, who previously worked as an IT Director. With the help of her family and partner Gary, Way plans to continue with the same successful business model that is already in place.
She added: “We are delighted to have found the Nethway Hotel. Dave and Jo have spent many years transforming the Nethway into the superb wedding venue it is today, complimenting the beautiful view of the bay from the terrace.
“We are especially pleased to have Jo remaining as the Wedding Planner, and pleased to introduce Gabriella as Jo’s new Assistant Wedding Co-ordinator.”
Stephen Champion, associate director at Christie and Co, who handled the sale, said: “The Nethway Hotel is a fine example of an independently owned Torbay Hotel, so it was no surprise Julie Way moved quickly to secure the hotel after her viewing.
“We wish Julie and her family all the best with their new adventure and look forward to seeing how the business develops in the coming years. This sale further illustrates that the South West hotel market remains buoyant as a hotspot for both domestic and international tourism.”
