Local hoteliers Michael and Frances O’Reilly have bought the Royal Sportsman hotel in Porthmadog off an asking price of £1.73m.
The pair bought the 28-bedroom, three-AA-starred Gwynedd property from Abdul Awal Quddus, who owned the hotel for seven years before deciding to sell to relocate to be closer to his family.
The O’Reillys – who already own the Caerwylan hotel in nearby Criccieth, which they bought in August 2016 – plan to “bring it back to its former glory” and “sympathetically” enhance the building’s character with a “more modern feel”.
The hotel also has a bar, dining room and meeting facilities, and a private two-bedroom apartment on the second floor of the property.
Colliers International’s Neil Thomson, who advised the seller, said: “This busy and well-known high street hotel is located in a prime tourist destination of North Wales and as such generated plenty of interest from local, regional and national buyers who were keen to acquire and develop portfolios.”