The Albion Hotel in Freshwater has been purchased by A2K Leisure for an undisclosed sum from Nick Spyker’s Isle of Wight Hotels Ltd.
Although based in Surrey, A2K Leisure already has a local connection with its director also running owning Totland Pier.
Commenting on the deal, A2K Leisure’s David Walker has 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.”
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The 41-room Albion Hotel is located on the seafront at Freshwater Bay and was previously part of Isle of Wight Hotels Ltd, the sister hotel to The Sandringham and The Grand in Sandown and The Royal York in Ryde.
Would be lovely to think that Mr Spyker will spend the money on the other island hotels he owns.
The Grand at Sandown would be fantastic restored as an Art Deco hotel. Also it would be nice to see the Royal York at Ryde fully refurbished and open for business. Bring back the ’69’ club too!
Well, if the holiday trade dies through either people too poor to risk a sunless holiday here, or they came once and due to the increased building here, traffic and poor roads, rip off prices and feral youths running amok, never come back again, they can always fill the rooms with dingy arrivals and charge us all more to fund them all for the rest of eternity.
Les, you never mentioned the rip-off ferries, IF they are running due to staff sickness issues, or weather problems.
Nor the now uncleaned beaches so sit amongst broken bottles, and dogs excreta and in Ryde soiled nappies as the residents tax credit funded ‘muvers’ can’t ‘dump’ a nappy via a phone so it gets left.
No life guards on popular but dangerous beaches, pubs full of drunken chavs, rip-off car parking charges, IF you can find a space.
Lack of decent shops and entertainment, expect for watching or getting abuse from ‘care in the community’ beings
Seawalls and walks becoming more restricted due to not using Gabion cages to prevent costal wave damage.
Footpaths not cut back and cleared for walker in many areas. etc
Glad someone is finally going to do something with it my advice to new owners get mainland company to do renovation work as island builders will set it on fire then it will become retirement flats
They could turn it into an eyesore, just like the hotel in Sandown.
The same new owner of Totland pier no less…
Don’t get to excited , the background of the company isn’t brilliant. I fear another Sandown seafront saga ! Then flats !!
They don’t own the Pier. They sold that last summer. They own http://www.sentrymead.co.uk/
“A2K is a well-run business.. ” which was only formed 11 months ago funnily enough. No other assets or track record. Fishy