A new entrant to the sector has acquired a Devon hotel in a deal brokered by property consultancy Christie & Co. St Andrews Hotel in Exeter comprises 25 en-suite bedrooms. It is located a short walk away from the city centre, close to the quayside and the Marsh Barton Trading Estate in the Alphington district.
The hotel has been owned by Vincent and Elaine Blackshaw for 13 years as part of a portfolio of three hotels in Exeter that also includes The Clock Tower and Georgian Lodge. They have made the decision to sell in order to retire from the industry. The sale of St Andrews Hotel follows that of the Clock Tower which was sold last year.
“We are delighted to have purchased St Andrews Hotel and were initially attracted to the property because of its potential for someone to add value. Our intention is to create a new image for the hotel by comprehensively refurbishing and modernising, whilst improving the existing business. We look forward to becoming part of this wonderful community,” commented the new owners.
The business has been purchased by Mohan Arora and Tarini Mendiratta, new entrants to the sector who met whilst studying at University of Exeter.
“The St Andrews Hotel has always held its own, competing against the other largely corporate owned hotels that dominate Exeter’s bed stock,” said Stephen Champion, director at Christie & Co and also the person that handled the sale.
“It is fantastic to see this hotel sell for continued use as a hotel to independent operators, who plan to build upon the already successful business created by Vincent and Elaine Blackshaw, who incidentally purchased the hotel via Christie & Co back in 2007. We wish Mohan and Tarini every success in the future.”
St Andrews Hotel in Devon was sold off an asking price of £1.3 million.