£50m hotel development site brought to market

Eloise Hanson Eloise Hanson Uploaded 06 November 2020

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UK: A stalled £50 million hotel development site at Plymouth Hoe is up for sale after the ending of an agreement between the council and the original developer.

The former Quality Inn hotel, which extends to nearly a hectare and benefits from sea views, is being marketed by Colliers International on behalf of Plymouth City Council.

The hotel was demolished around five years ago with the intention to create a five star hotel scheme called Hotel 1620. It was planned to accommodate visitors in 2020 to Plymouth’s Mayflower 400 celebrations, which marked the 400th anniversary of the voyage of the pilgrims to the United States.

However, the planned 11-storey, 80 bedroom hotel and 15 storey apartment block never materialised. 

Marc Finney, head of hotels and resorts consulting at Colliers International, said: “This is an exciting opportunity to acquire the freehold for a prime, vacant development site in an excellent waterfront location zoned for hotel development, which is adjacent to Plymouth Hoe with exceptional sea views in multiple directions across Plymouth Sound.”

According to Finney, the council’s objective is to secure the delivery of a high quality hotel-led mixed use development. While proposals could include an element of residential use this is not a requirement.

“Plymouth’s hotel market is extremely undersupplied when compared to similar destinations, and the city will continue to benefit from the growing importance of staycations, which has been highlighted during the current COVID-19 crisis,” Finney continued.

“In the inaugural Colliers International COVID-19 Recovery Hotels Index, which analysed which cities would see the strongest market bounce back, we predicted that Plymouth would be the top performer in the UK and this has indeed been the case with the city recording highest levels of hotel occupancy in the UK in both August and September. Not surprisingly, we have already received considerable interest from both UK and overseas developers, among them developers which had previously bid for this site and know it well.”

Colliers International is for asking interested parties to submit letters of interest by Wednesday 18 November to marc.finney@colliers.com

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