Bovey Castle for sale for £17.5m

21 May 2012 by
Bovey Castle for sale for £17.5m

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.

Bovey Castle sold to Hilwood Resorts and Hotels >>

Hilwood picks Rata for Bovey Castle >>

Brooklands hotel opens on site of UK's earliest motor-racing track >>

By Janet Harmer

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