Bovey Castle, the 64-bedroom country house hotel within Dartmoor National Park, has been put on the market for £17.5m - nearly £10m less that its current owners paid for the property six years ago.
Property investment company Delancey, in conjunction with its then joint venture partner Hilwood Hotels & Resorts, bought the hotel from Peter De Savary in 2006, for £26.4m.
As well as owning Bovey Castle, Delancey and Hilwood created a portfolio of hotels which included the Grand Hotel & Spa in Jersey, Bailbrook House, near Bath, and the new-build Brooklands hotel in Weybridge, Surrey.
The Grand Hotel & Spa was sold last year to West Register (Hotels No 2) and is now operated by BDL Management, while the 78-bedroom Bailbrook House is currently being marketed for sale, with a £6.95m price tag.
A spokesperson for Delancey explained that Hilwood Hotels & Resorts no longer existed as an umbrella brand, with all the hotels owned by property clients of Delancey operating as individual entities.
With regard to Bovey Castle, the spokesperson said: "After undertaking a significant refurbishment programme, and given the recent activity in the hotel market, we believe it is the right time to test the market. We believe Bovey Castle presents a prime opportunity for an investor to take the hotel to the next stage."
Delancey has no current plans to sell the 120-bedroom Brooklands hotel, which opened in 2010.
Bovey Castle, which was built by the heir to the WH Smith stationery chain in a neo-Elizabethan style, includes an 18-hole golf course, 14 three-bedroom lodges and two gatehouses, within a 275-acre estate. Jeremy Rata was appointed managing director of the property in 2008.
Both Bovey Castle and Bailbrook House are being marketed by property agent Knight Frank.
By Janet Harmer
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