UK: The Osborne Hotel in Ilfracombe has been sold and will be converted in to an aparthotel.
The 53-bedroom property, which was Devon’s last large family-run hotel, has been owned and operated by two generations of the Cox family for almost 50 years.
Christie & Co has brokered its sale to independent operator Monroe Apartments Ltd for a reported £975,000.
Monroe Apartments Ltd, which operates aparthotels in London and Eastbourne, has already been granted a lawful development certificate by North Devon County Council for internal changes and usage, in order to convert the hotel into an aparthotel.
Stephen Champion, director of hotels at Christie & Co, who brokered the sale, said: “The Osborne Hotel has been successfully operated as a popular hotel focusing on coach groups for over 50 years, however changing tastes and more discerning visitors meant the hotel needed an extensive refurbishment at the time of sale to meet the demands of the modern hotel guest.The booming staycation market has seen demand for aparthotel and self-catering style accommodation increase as people look for more flexibility in their accommodation. It is therefore unsurprising to see the new owners take The Osborne Hotel business in this direction. We wish the new owners every success with their plans for The Osborne and have no doubt that their extensive experience in this market will see them make a success of the business when it reopens.”
