The Hotels & Leisure Division of Goadsby has sold the 37-bedroom Glendevon Hotel on West Cliff of Bournemouth.
Acquired by established hotel operators, the Glendevon represents the latest addition to their portfolio and their second hotel in Bournemouth.
Divisional Director, Ian Palmer, said: “We were very pleased to be able to conclude this sale which was by no means straightforward, in spite of a willing seller and buyer. Even though the business traded profitably the purchaser’s bank funding was withdrawn at the eleventh hour, requiring the need for some imaginative structuring to enable the transaction to complete. This is just one more example of the leisure sector apparently receiving unreasonably harsh treatment from the lending institutions.”
The guide price was £1.095 million.
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