Celtic Royal Hotel, one of the leading hotels in North Wales, has been sold for an undisclosed price through Colliers International.
Acting on behalf of private owners Markus and Sinead Donsbach, Colliers sold the hotel at Bangor Street, Caernarfon to a private international investor advised by Fairtree, and the hotel will be managed by Providence Hospitality.
Located within a Grade II-listed building and dating back to 1794, the Georgian-style Celtic Royal Hotel offers 112 en-suite bedrooms, the Draco Restaurant with 100 covers, and the Summit Bar Bistro and Castle Room and Caernarfon Room, together also providing 100-plus covers.
The hotel also features a ballroom capable of accommodating up to 320 people, and a leisure club with 16-metre heated indoor swimming pool
Providence Hospitality, a UK-based hospitality management company, has secured contracts to manage all the properties owned by Fairtree and its clients in addition to its presence in South Africa.
Joe Bester, director of Providence Hospitality, said, “The signing of the Celtic Royal Hotel forms a major part of Providence’s accelerated growth strategy within the UK.
'We are determined to develop quality business and leisure circuits for our loyal guests, in key provincial locations around Britain through our affiliations with Fairtree and all our partners.
'We are very excited to take on this new opportunity within Wales and look forward to bringing our authentic hospitality and passion to visiting guests and locals alike.”
Julian Troup, head of UK hotels agency at Colliers International, secured the sale, and said, “The acquisition of the Celtic Royal Hotel is a further example of us being able to sell the shares in a hotel owning company and in a highly confidential fashion.
'There was competing interest in the hotel and the decision was taken to proceed with a proven buyer eager to further expand in the area.
“We have seen an emerging trend of increased demand for quality provincial hotel opportunities from a diverse buyer group of buyers.
'These profiles range from international investors (attracted by weaker sterling and improving trading prospects), private buyers (attracted to the benefits of a lifestyle opportunity) to corporate investors (attracted to favourable returns and real estate alternatives).
The sale of Celtic Royal Hotel follows Colliers also securing the recent sale of Ruthin Castle Hotel and Spa in North Wales, proving the region’s increasing popularity with overseas and domestic hotel buyers.