_Knight Frank sells art deco Cornwall hotel for in excess of £5m

Global property consultancy Knight Frank has sold Best Western Hotel Bristol in Cornwall for in excess of £5m.

The grand art deco hotel in the coastal town of Newquay has been purchased by Salboy, a UK property developer based in Manchester.

Situated on the North Cornish coastline with sea views and immediate access to Tolcarne beach, Hotel Bristol comprises 74 en suite bedrooms arranged over three upper floors that are centred around a large open-air forecourt. Originally built in the Victorian era and later extended in 1934, the hotel retains much of its original art deco interior and was up for sale for the first time in 94 years following decades of family ownership.

Best Western Hotel Bristol houses a recently refurbished contemporary art deco cocktail bar and lounge with room for up to 70 covers, as well as a large public restaurant surrounded by floor to ceiling windows. The hotel has a total of seven function rooms, with the Ballroom able to accommodate up to 300 guests, making it ideal for weddings and large events.

In addition to the hotel and its car park, the sale also included the purchase of three additional sites; an adjoining four-bedroom residential house, five garages/lock up units and an 80-space pay and display car park which measures just under half an acre.

Newquay is renowned for its beaches and surfing, and the region is benefiting from a huge surge in domestic tourism. The property has excellent links to the A30 with Newquay airport only a 15-minute drive away, in addition to the town’s branch line railway station which connects Newquay to the main line Penzance to London route. The town attracts both domestic and international tourists thanks to its range of visitor attractions including Newquay Zoo and the Blue Reef Aquarium, as well as good proximity to Cornwall’s premier attractions such as the Eden Project.

Matthew Smith, Partner in the hotels team at Knight Frank comments: “This sale demonstrates the wall of capital that is waiting to be deployed for South West hotel assets that provide an opportunity for an investor to reposition a business and take advantage of its trading position. We received a high number of offer proposals all from credible parties keen to stamp their own style on the business, resulting in a best & final bids process. The opportunity appealed to an array of buyer profiles, highlighting not only the strength of the market but also the demand for coastal hotels. Salboy intend to continue to operate the business as a hotel and have exciting plans for the adjoining assets & land. Knight Frank Hotels are currently instructed to sell in excess of £90m of hotels in the South West, with many on a discreet basis”.

Howard Young, Managing Director of Hotel Bristol, commented: "After a competitive bidding process, we are pleased to pass the baton to a new owner. We wish to thank our loyal staff past and present for their hard work over many years. They will continue to provide their excellent hospitality with the support of Simon from Salboy and his team. We are excited to hear Simon’s plans to build on the legacy of my family and retain a hotel on the site and wish them every success".