The directors of independent wedding venue, Oldwalls Gower, have completed the seven-figure acquisition of the eight-bedroom Fairyhill hotel in Reynoldston, Swansea.
The property, which the AA has been awarded five stars in its restaurant with rooms category and two rosettes for its restaurant, will be renamed Fairyhill by Oldwalls. It will form part of the newly established Oldwalls Collection, which will specialise in developing luxury wedding venues.
Oldwalls Gower, who is being supported financially by HSBC, intends to announce refurbishment plans for the hotel over the coming weeks. The acquisition is Oldwalls' second this year, following the launch of its serviced luxury cottage, Mulberry House, in May.
The Fairyhill hotel has been owned by Andrew Heatherington and Paul Davies since 1993.
Oldwalls Gower - established near Swansea in 2007 by brothers Andrew and Simon Hole - was voted the best wedding venue in Wales at the Welsh National Wedding Awards 2015-16 and 2015-16.
Managing director Andrew Hole, said: "We plan to build on Fairyhill's existing success and will continue to operate as a five-star restaurant with rooms while we develop a high-end wedding venue market. Our wedding industry expertise will be utilised to transform Fairyhill into a luxury wedding venue to match the award winning standards of our flagship, Oldwalls Gower."
Former director of Fairyhill hotel, Andrew Hetherington, said: "We would like to thank all of our loyal customers, friends and suppliers of Fairyhill for playing their part in the success of the business. We're confident that its success will continue as part of the dynamic Oldwalls Collection and we look forward to witnessing the developments. After more than 20 years we felt the time was right to sell."
Warren Lewis, HSBC's head of corporate banking in Wales, added: "We've been working with the team at Oldwalls Gower for the past year to support their strategic goals. This latest acquisition is a great benefit to the local economy and will result in a number of new jobs, as well as support the thriving tourism market on Gower."
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