David Richards, the chairman of luxury car company Aston Martin is transforming a former three-star hotel in St Mawes, Cornwall, into a boutique hotel.
The 30-bedroom Idle Rocks, which enjoys widespread sea views across the picturesque fishing port, is currently closed and will reopen in June.
Richards, who was awarded a CBE for services to motorsport in2005, bought the hotel two years ago and initially rented it back to the previous owner, the Richardson Group to operate. However, the Richardson Group, which owns five hotels in Devon and Cornwall, relinquished the lease on the property in September 2012.
Richards told Caterer and Hotelkeeper: "Since then we have undertaken a total refurbishment that has included reducing the number of rooms to 20 and effectively involved gutting the hotel in its entirety
"The Idle Rocks will be 100 years old this summer and enjoys an idyllic setting on the harbour side in St Mawes with a long established reputation that unfortunately has declined in recent years."
Richards now intends to re-establish its former reputation and has begun to recruit key staff to run the property including Josie Simcox as general manager, the former general manager of the Malmaison in Aberdeen.
The newly launched Idle Rocks will provide competition for St Mawes' 29-bedroom Tresanton hotel, owned by Olga Polizzi.
"The hotel will be a less formal version of the Tresanton, but to the same standards in respect of accommodation and our restaurant," added Richards.