South Africa-based Fairtree Hospitality Private Equity Fund has purchased the Rosevine, a boutique hotel in Cornwall, England's Roseland Peninsula. The acquisition marks the fund's second hotel buy for the Fund, following its acquisition of the Fowey boutique hotel, The Old Quay House in September 2015 for a reported £2 million.
According to Fairtree's website, the Hospitality Private Equity Fund—launched in early 2014—focuses on "leveraged acquisitions of hotels significantly below replacement values that are positioned to benefit from the ongoing global economic recovery and the corresponding recovery in the travel and tourism industry."
In South Africa, the equity fund also owns Camp Figtree Safari Lodge at Addo National Elephant Park; the Villa Paradisa in Knysna; the Oxford House, Cape Town; Banhoek Lodge, Stellenbosch; and San Lameer Golf Resort Hotel & Spa, near Southbroom.
The Rosevine will be managed by Providence Hospitality under the direction of Martin Nicholas, its newly appointed regional manager. According to the Rosevine's website, the purchase includes a "substantial handover period" to "ensure a smooth transition."
The hotel was purchased by Hazel and Tim Brocklebank in 2007. It re-opened as a new accommodation and wedding venue in spring 2008 following a complete renovation.
Source: Plymouth Herald