More than £10m sought for sale of Palace hotel, Torquay
Torquay's privately owned four-AA-star, 141-bedroom Palace hotel has gone on the market with a price tag in excess of £10m.
Located within 17 acres of grounds overlooking Ansley Cove and Lyme Bay, the hotel features a restaurant, three lounges, and conference and event space for up to 1,000 guests. The extensive leisure facilities include a nine-hole golf course, tennis and squash courts, swimming pools and fitness suite.
A three-bedroom cottage is included in the sale, which will come with planning permission for 137 apartments, additional hotel rooms and a new indoor swimming pool and spa.
In the latest directors' report for Torquay Place Ltd for the year to 31 December 2013, the hotel recorded a pre-tax loss of £30,603 on a turnover of £3m, while the previous year it achieved a pre-tax profit of £37,396 with a turnover of £3.06m.
Martin Rogers, hotels director at Savills, which is marketing the property, said: "This is a rare opportunity to acquire one of the south west's largest and most established hotels, which will offer its new owner the flexibility to operate independently or under a brand. The scope for further development also provides excellent potential for enhancing long term income."
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