Tue, 17 Apr 2012 | COMMERCIAL PROPERTY
A Welsh mansion modelled on the Palace of Versailles has been sold to an unnamed buyer who is due to redevelop the property as a luxury hotel.
Kinmel Hall was sold for around £1.5 million and is rumoured to be due for conversion from its current state as a private residential property to a luxury hotel and spa complex. The previous owner, Derbyshire Investments, had already begun the conversion progress but decided to sell up ahead of completion after it was unable to finance such an extensive project.
While the identity of the new owner is unknown, there are reports that interest came from India and Canada during the sales process. However, Tyrone Courtman, partner and head of business restructuring recovery and insolvency services at Cooper Parry, told Big Hospitality that the eventual buyer is someone who has worked with similar venues in the past.
He told the news source: “We are delighted to have finally sold Kinmel Hall to a buyer who understands its heritage and is committed to the property. It is a unique property steeped in character and history and once it is renovated, it will look and feel beautiful.”
Mr Courtman added that the new owner “has experience of turning sites like Kinmel Hall into attractive luxury hotels so the site will get investment and the attention it deserves”.
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