Moore Barlow’s commercial property team has advised Surrey-based A2K Leisure on its purchase of the historic Albion Hotel in the Isle of Wight for an undisclosed sum.
The 41-room Albion Hotel is located on the seafront at Freshwater Bay, one of the Isle of Wight’s most well-known beaches and a popular tourist destination.
Commenting on the deal, A2K Leisure’s David Walker said: “The Albion will be a lovely addition to our growing portfolio of hotels. We have great plans for a multi-million-pound refurbishment to bring the hotel up to date whilst retaining it 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. William added: “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.”
William is based in Moore Barlow’s Southampton and Lymington offices. The firm operates from six offices spread across the South East. Other locations include Woking, Guilford, Richmond and the City of London.
The firm’s commercial property team supports clients around the South Coast, in London and along the M3 corridor. The team worked on £299m worth of property deals in 2022.