Osborne hotel in Ilfracombe sold off guide price of £975,000
The Osborne hotel in Ilfracombe, Devon, is set to be converted into an aparthotel after being sold to Monroe Apartments off a guide price of £975,000.
The 53-bedroom hotel had been owned by the Cox family since the 1970s and was most recently under the stewardship of brothers Stuart and Nick Cox.
Monroe Apartments operates aparthotels in London and Eastbourne and has been granted permission by North Devon County Council to convert the property for the same use.
Stephen Champion, director – hotels at Christie & Co, who brokered the sale, said: "The Osborne hotel has been successfully operated as a popular hotel focusing on coach groups for over 50 years, however changing tastes and more discerning visitors meant the hotel needed an extensive refurbishment at the time of sale to meet the demands of the modern hotel guest.
"The booming staycation market has seen demand for aparthotel and self-catering style accommodation increase as people look for more flexibility in their accommodation. It is therefore unsurprising to see the new owners take the Osborne hotel business in this direction."
