Specialist business property adviser Christie & Co has successfully sold the Rivercroft Hotel in the heart of Looe to the Adamo Property Group.
Boasting stunning views of the Looe River, the hotel is set in the former home of a ship’s captain, believed to have been constructed in the 1890’s. Since 1977, the building has been owned and operated as a small hotel by Glenn and Julie Cairns, comprising 11 ensuite rooms and four recently self-contained apartments, along with a popular restaurant and bar.
The new owner, Adamo Property Group, will undertake a major refurbishment, bringing it up to a very modern specification.
Director of Adamo Property Group Robin Bruce commented: “It is hard not to fall in love with Looe and its unique charms. We know the town extremely well and are fortunate to have several properties within Looe and the surrounding area.
“The Rivercroft Hotel was quickly identified as an excellent addition to our high-quality lifestyle portfolio and we look forward to welcoming guests in summer 2023.”
Stephen Champion, Hospitality Director who handled the sale, said: “The recent boom in ‘staycations’ has seen a significant increase in demand for holiday accommodation across the South West region.
“Due to a lack of available existing businesses in this sector, we have seen expanding operators looking at alternative opportunities to create high-quality accommodation in desirable parts of the South West.
“The Rivercroft’s waterfront location and central position in the picturesque fishing town of Looe is ideally suited for the new owners’ purposes and we look forward to seeing how their newest development progresses.”
Previous owner Julie Cairns added: “We are delighted to have sold the Rivercroft, which has been our home and business for over 45 years.
“We are looking forward to a well-earned retirement following the sale and wish the new owners all the best with the business.”
The Rivercroft Hotel was sold for an undisclosed price.