THE hotel market remains “buoyant” thanks to a resurgance of cash buyers, a specialist business property advisor has said. 

Christie & Co, which sold the Norfolk Royale Hotel in Richmond Hill to coach operator Alfa Leisureplex Group last year, said funded buyers are beginning to return to the market in anticipation of falling interest rates. 

The firm said buyers continue to show strong interest for “good quality opportunities” throughout the region, whether in coastal towns, urban towns or villages. 

During 2023, the South Hotel team helped sell more than 25 properties throughout the region including in Weymouth, totaling £51.1 million in aggregate value. 

Hotel South’s regional director Ed Bellfield said 2024 has got off to a “strong start” thanks to two “significant” sales in Torquay and Wiltshire. 

He said: “The first two months of 2024 have shown year on year increases in viewing numbers and offers received which indicates buyer’s growing confidence in the hotel sector. 

“A fall in base rate would certainly help buyers needing funding, however we are still seeing a significant number of cash buyers attracted by quality opportunities in the market.  

“All signs remain positive, and we are expecting to see continued buoyancy in the hotel market throughout 2024.” 

The Norfolk Royale Hotel in Bournemouth town centre was sold for an undisclosed sum last April. 

The marketing process generated more than 20 formal viewings and a “sufficient number of offers” culminating in a first round and subsequent ‘best and final’ offer process, before Alfa Leisureplex Group secured the sale. 

The 95-bedroom four-star hotel was put on the market a year before that for £8.5million. 

Robert Peel, the chairman of the company which last owned the hotel (Peel Hotels), said he wanted to clear the company’s £5million debts before the end of the year.