Rainbow International hotel Torquay sold to local operators
The Rainbow International hotel in Torquay, Devon, has been sold off a guide price of £3.25m to local hoteliers Brett and Jo Powis.
The couple also own the nearby 44-bedroom, four-AA-star Lincombe Hall hotel and the 80-bedroom Babbacombe hotel.
The 143-bedroom Rainbow International hotel, formerly owned by a Jersey-based company, includes a restaurant, ballroom, club, indoor pool and gym. The hotel was sold through specialist business property adviser Christie & Co.
Within the last month, the Meadfoot Bay hotel in Torquay was sold to first-time buyers Philip Harnett and Vicki Osborne off a freehold asking price of £1.2m, while South African Fairtree Capital acquired the Duchy Group of three Torbay hotels for £12.5m two weeks ago.
Stephen Champion, business agent at Christie & Co's Exeter office, said: "Torquay is obviously a prime location for holiday makers from the UK as well as abroad. The fact that three high profile hotel transactions have been completed here within the past few weeks shows that hospitality businesses in this area, as well as more widely across the South West region, are seen as great investments for both domestic and international buyers. This is great news for the market and we expect high levels of interest to continue."
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