The Duchy Hotel Group has sold three Torbay hotels to Fairtree Capital for £12.5m.
The sale involved the three-AA-star, 78-bedroom Headland hotel in Torquay, the four-AA-star, 141-bedroom Palace hotel in Paignton and the three-AA-star, 76-bedroom Queens hotels, also in Paignton.
South Africa-based investment manager Fairtree Capital owns four other hotels in the UK, including the Old Quay House hotel in Fowey, Cornwall; the Rosevine in Cornwall; as well as the Borrowdale Gates hotel in the Lake District and the Northfield hotel in Minehead, West Somerset, both of which it acquired earlier this month.
Martin Rogers, head of UK hotel transactions at Savills, which represented the Duchy Hotel Group, said: "This represents yet another regional hotel purchase by an international investor, part of a growing number of global enquiries for regional assets procured through Savills' global hotels team."
Kitsons Solicitors and PKF Francis Clark acted for the vendor.
Pictured: The Palace hotel in Paignton, Torbay
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