The Isle of Wight's Priory Bay hotel has gone into administration and is now on the market for a guide price in excess of £3m for the freehold of the property.
Previously owned by Andrew Palmer, founder of the New Covent Garden Soup Company, the property is set in 48 acres of grounds to the south of the village of Seaview. The estate has a private beach and a total of 44 bedrooms, with the Grade II-listed country house at its centre offering offers 18 suites. Additional letting accommodation is available in a converted barn and cottage developments. There are two restaurants, tennis courts, a six-hole golf course and a helipad.
Savills, on behalf of joint administrators James William Stares and Rupert Graham Mullins of Rothmans Recovery Limited, is marketing the hotel.
Martin Rogers, head of UK hotel transactions at Savills, said: "The Priory Bay estate offers a unique opportunity to the buyer, its location and heritage sets it apart from other hotels on the island. It offers a range of income streams from the two restaurants, and weddings and conference facilities, providing year-round business."
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