The property, which was previously owned by the Young family for 94 years over four generations, was purchased by the Manchester-based developer at an auction for an undisclosed amount, over the £5m it was originally listed for.
The purchase is part of the firm’s growth strategy to diversify its long-term development pipeline and spread nationwide, having already begun its expansion in the South with plans for its first residential development in London.
The 74-bedroom hotel will continue to be part of Best Western and all existing staff will remain, with Salboy safeguarding all positions in years to come.
Simon Ismail, managing director and co-founder of Salboy, said: “After a competitive bidding process, we worked closely with the hotel’s previous owners and existing management team to make sure that our values and ambitions aligned with theirs, and that we’re committed to investing in the hotel.
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“While we are currently ?nalising long-term plans for the Hotel Bristol, it is very much business as usual, with our team, guests and local customers being at the forefront of any decisions which are made.
“All staff have been retained, and we continue to use local Cornish suppliers across all areas of the business.”
Lukasz Wilczkowski, general manager at The Hotel Bristol (pictured above), said: “Aside from new ownership, things are carrying on as normal at the hotel, and we’re looking forward to working with the Salboy team in the coming years to continue offering the friendly welcome and great service our guests know and love.
“As we do every year, we will soon carry out minor renovation works to the hotel in preparation for the next summer season and, as we start to ease further restrictions from 3rd October, will be restarting our popular Sunday lunches for both hotel guests and locals.”