A coastal boutique hotel on Cornwall's Roseland Peninsula had been bought by a South African private equity fund for an undisclosed sum.
The sale of the Rosevine, near Portscatho, marks the second acquisition for Fairtree Hospitality Private Equity Fund in the UK hospitality market. It follows the purchase of the Old Quay House hotel in Fowey in September 2015 for just under £2m.
The property, which offers 15 apartments and suites, will be managed by boutique hotel management specialists Providence Hospitality under the direction of Martin Nicholas, who has recently been appointed regional manager.
All hotel employees will remain in their current positions.
Joe Bester, fund manager of the Fairtree Hospitality Private Equity Fund said: "We made our first move into the UK hospitality market last autumn and couldn't be happier to be focusing our investments on Cornwall, and continue to look for special properties such as this.
"The Rosevine offers a unique combination of self-catering and hotel facilities where families or couples can enjoy a luxury seaside holiday in a relaxed yet upmarket environment."
A hotel for many years, the Rosevine was purchased by Hazel and Tim Brocklebank in 2007. It relaunched as a new accommodation and wedding venue in spring 2008 following a complete redesign and refurbishment.
Stephen Page at Stephen Page & Partners acted as agent for the hotel. The deal was managed by Gavin Poole at solicitors Stephens Scown LLP on behalf of Hazel and Tim Brocklebank. Fairtree was represented by Jonathan Wilde of Wilde Law and HSBC are acting as bankers for Fairtree.
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