Tue, 19 Jul 2022 | COMMERCIAL PROPERTY
A Georgian townhouse hotel in the west end of Greenock has been put up for sale with an asking price of £3.2 million. The Tontine Hotel, which dates back to the 19th century, features 50 en-suite bedrooms, a restaurant, bar-bistro, fully enclosed beer garden and car parking.
The hotel also has two suites and several function rooms and has proven popular for corporate and social events year round, hosting weddings, funeral, communions and business meetings, among other events.
The Tontine, located in Ardgowan Square, is described as occupying a prime position at the beginning of the town’s west end, whilst also being close to the town centre. In 2016, the hotel underwent a £2 million refurbishment programme.
The current owners are selling in order to retire, having recently marked 20 years in charge of the business. The hotel is being marketed by Christie & Co, which described the sale as a rare opportunity for a buyer to acquire a successful, well-established business in Greenock’s west end.
There is expected to be strong interest in the hotel and interested parties will be provided with the Tontine’s trading information once they have gone through a formal viewing.
In the listing for the hotel, Christie & Co say: "The Tontine Hotel has been owned by the same family for many years and it is now due to retirement that the family have decided to place the business for sale.”
"It is only the second time being sold as a hotel and this well developed 1808 period property has been sympathetically extended, maintaining many of the original features and now being an established hospitality venue within the town."
The 2016 refurbishment covered the hotel’s Ardgowan function suite and hotel lounge bar and also included the addition of the new Eighteen08 cocktail bar. Christie & Co say the refurbishment was “finished to a high standard while still keeping in with the building's classic look."
Read more about the recent surge in UK hotel M&A.
One of the best ways to find properties below market price is to look at recent administrations.
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