Multimillion-pound refurb planned for Isle of Wight hotel following sale
A multimillion-pound refurbishment is planned for the 41-bedroom Albion hotel in the Isle of Wight following its sale to Surrey-based A2K Leisure for an undisclosed sum.
The hotel has been reported as having previously been owned by the Spyker family, who also own the Grand hotel in Sandown.
David Walker of A2K Leisure said: "The Albion will be a lovely addition to our growing portfolio of hotels. We have great plans for a multimillion-pound refurbishment to bring the hotel up to date while retaining its 300 years of rich heritage. It will become one of the hottest destinations on the south coast over the next few years.
"We believe firmly in the long-term resilience of the leisure and hospitality sectors and consider now a great time to expand and invest."
The deal was led by William Warnock, partner in Moore Barlow's commercial property team. He said: "This deal illustrates there are still plenty of growth opportunities available in hospitality. Responsible and diligent business owners can use the current market conditions to set themselves up to take advantage of the expected market recovery in 2023/24.
"A2K is a well-run business, that we have developed a strong working relationship with. It will, without doubt, be a perfect custodian of the Albion hotel."