Richardson Hotels brings two properties to market as owner plans retirement

Richardson Hotels has brought two of its southwest hotels to the market as owner Keith Richardson looks towards retirement.

The Cornwall and Devon based group is marketing the freehold of the Falmouth hotel in Cornwall, for offers in excess of £7.5m and the Abbey Sands hotel in Torquay, Devon, for £1.95m.

The Grade II-listed Falmouth hotel (main image) has 71-ensuite bedrooms and the two-AA-rosette Castle restaurant and bar, as well as three function rooms and a spa.

The site extends to around three acres and has development potential to extend the hotel with additional bedrooms, with consent previously granted for 16 additional rooms.

The Abbey Sands Hotel has 47 bedrooms, with scope to increase the bedroom count to 52. It also incorporates the Riviera restaurant and Lawns lounge bar as well as a 200-capacity ballroom, a second function room and indoor and outdoor swimming pools.

Keith Richardson, founder and owner of Richardson Hotels, said: “I have decided to sell these hotels as part of a retirement strategy. The purchaser of these hotels will inherit excellent staff and I am sure they will continue to look after our staff, guests and these fabulous hotels going forwards.”

James Greenslade, director of hotel capital markets at Savills, who will market the two properties, said: “These sales represent an excellent opportunity to acquire the freehold interest in two fantastic southwest hotels. The Falmouth hotel is one of Falmouth’s best known hotels, located above Castle Beach with excellent sea views. The Abbey hotel is in an excellent location in Torquay, offering easy access to both the sea front and town centre. We expect good interest in both properties.”

Richardson Hotels owns and operates four hotels. In 2018 it sold the 37-bedroom Fowey Hotel and 58-bedroom Metropole hotel in Padstow after falling into administration. The sale of the two properties allowed the management of the business to be returned to the director.