An Isle of Wight hotel is set to undergo a major refurbishment, costing millions, after being bought.
The Albion Hotel, situated on the seafront at Freshwater Bay, has been bought by Surrey-based A2K Leisure for an undisclosed sum.
The hotel boasts 41 rooms, and was previously owned by the Spyker family, who own a number of Isle of Wight hotels.
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."
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