The 19-bedroom Kitley House hotel - situated in a Grade I listed property in Devon - has gone into administration.
Administrator Ian Walker of Begbies Traynor said the hotel, which had been a victim of the economic climate and increased competition in the area, is open for business and will continue to honour all bookings while a new owner is found.
Situated within a 300-acre private estate in Yealmpton on the banks of the River Yealm near Plymouth, the hotel is available on a leasehold basis for £195,000. The lease runs for a period of 55 years with a current rent of £55,500 per annum. Year end accounts for the business show an annual turnover of £1,251,350.
While elements of the property date from Tudor times, the main part of the building was developed in the 18th century and today retains many period features including wood panelling, fireplaces and flagstone floors.
The property was converted to a hotel in the mid-1990s and since 1999, until the administration, was owned by Andrew Huckerby, who has previously held several prominent positions within the regional tourism industry including director of both Destination Plymouth and Visit Devon.
Property agent Christie + Co is handling the sale of Kitley House hotel.
By Janet Harmer
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