Last Updated: 31st Oct 2024
Introduction:
Mannings Hotel, built in 1799, is the epitome of Georgian style in the heart of the city of Truro. Serving locals, corporate and leisure guests for 125 years it provides excellent restaurant facilities, hotel rooms and self-catering apartments in contemporary surroundings.
The property has been extensively refurbished and remodelled during our client's 30 year ownership and presents a well invested, independent hotel with consistent trading performance and development upside.
History:
The principal hotel dates from 1799, with the apartments formed from the original stables nearby. Initially Pearce's hotel and noted as a busy coaching Inn on the Penzance to London route, In 1846 it became the Royal Hotel after a visit from Prince Albert and remained under that name until our client purchased the site in 1993. The hotel at that time had been under group ownership and neglected for many years, with our client undertaking a root and branch refurbishment to create the venue that it is today. In addition to restyling and creating the 34 en suite bedrooms this included the development in 2003 of the former stable block and warehouses into 9 self-contained
4*apartments.
The Business:
The hotel has an established customer base and trades between £2-2.5M per annum, maintaining a strong income during COVID to service loyal customers and protect jobs. Income comes from the hotel rooms, self catering apartments, restaurant sales and car parking revenue. The general split of income is 50/50 between restaurant and accommodation sales. Full trading information provided subject to purchaser ability, experience and agreement to non-disclosure terms.
34 En-suite hotel bedrooms
9 one bedroom self-contained apartments
Bar (20) Restaurant (70)
28 city centre car parking spaces
Strong food and beverage trade
30 year ownership
Site c0.5 acre
Net revenue consistently at/over £2m
