Wessex hotel in Bournemouth sells for £3.75m
The 109-bedroom Wessex hotel on West Cliff Road in Bournemouth has been purchased by local investor Philip Oram for £3.75m.
The property is a popular wedding and conference venue, catering for up to 200 or 400 guests respectively.
It also features the Lulworth restaurant and bar as well as a leisure club with indoor and outdoor swimming pools.
According to figures from the National Coastal Tourism Academy, Bournemouth continues to be a popular tourist destination, with 6.88 million visitors and 1.06 million overnight stays recorded in 2013. Figures in 2014 were broadly similar.
Data from AM:PM Hotels found that occupancy for January to August 2015 was 75% and the average revpar was £61, a 9% increase on the same period last year.
International real estate advisor Savills handled the sale on behalf of LaSalle Investment Management. The purchaser was unrepresented.
Martin Rogers, hotels director at Savills, said: "The market for regional hotels remains strong and Bournemouth is one of the most competitive from a property demand perspective, attracting both national and international interest."
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