The 55-bedroom Art Deco-inspired St Moritz hotel on the north coast of Cornwall has been put on the market with a price tag of more than £8m.
Located between Rock and Polzeath with panoramic views across the Atlantic Ocean, the hotel opened in 2008 on the site of a 1930’s hotel of the same name, following a £15m development by brothers Steve and High Ridgway.
Steve Ridgway is chairman of the British Tourist Authority, who was chief executive of Virgin Atlantic from 2001 to 2012.
St Moritz features two restaurants – the Shorecrest and Sea Side Café – a bar, leisure club, Cowshed Spa, 15 apartments and 38 villas, all set within grounds of nearly nine acres. Planning permission is in place for the development of a larger spa and eight luxury suites.
In the hotel’s most recent accounts for the year to 31 March lodged at Companies House, St Moritz achieved a 367% increase in pre-tax profit to £578,372 on a turnover of £3.99m (up from £3.91m the previous year).
James Greenslade of the hotels team at Savills Exeter, which is marketing the hotel, said: “St Moritz offers a rare opportunity for an investor to acquire an established and internationally regarded resort.
“The hotel is in an excellent location in the heart of the UK’s number one second home market – the north Cornish coast – close to Rock, Padstow and Polzeath. There are significant opportunities for a new owner to develop the resort further and enhance the business.”