Watergate Bay Hotel owner acquires the Sands Resort

Watergate Bay Hotel has acquired the Sands Resort, a 72-room hotel located one mile from the hotel in Cornwall with the financial support of Barclays. The property will reportedly undergo a multi-million-pound refurbishment to turn it into a new lifestyle aparthotel, which will be operated by the group’s self-catering brand, Beach Retreats. According to the group, the property will remain open during 2023, with work on the 72-unit aparthotel due to get underway later in 2023 and early 2024. The project will include the addition of 24 lodges on the 10-acre site, with apartments ranging from studios to three-bedroom living spaces. The communal areas will include restaurants, indoor and outdoor swimming pools, tennis courts and outdoor cooking and pop-up spaces. While the development will be in line with the group’s existing ESG strategy, it is also currently being assessed by B Corp status. The company hopes to achieve its certification in the new year. The new aparthotel will also offer a range of different F&B offerings, which aims to be delivered by trusted local partners for a “sense of community” atmosphere. The group is planning further growth for the Beach Retreats brand, including a development in Hayle, due to open in 2024. The brand has a strong pipeline and the team is working with investors and developers to add to its portfolio. Ben Harper, group managing director at Watergate Bay Hotel, Beach Retreats and Another Place, said: “This is a big moment for Beach Retreats. Sites with development potential of this kind are rare, and three years after developing our strategy to expand the Beach Retreats business into developing and managing coastal aparthotels, we’re thrilled to acquire this property and deliver our vision to blend the best of self catering with hotel hospitality. "The aparthotel concept is now proven in urban environments and I have always believed that this will translate well to the leisure sector. This acquisition will fuel our ambition to create a leading lifestyle self-catering brand.” Jim Turner, director of hospitality and leisure at Barclays Corporate, said: “Given our longstanding commitment to the UK hospitality sector, it was a natural fit for Barclays to support Beach Retreats with funding for this innovative concept. “As the home leisure market continues to evolve to compete with the best of global hospitality and as consumers become ever more demanding, the financing will help Beach Retreats deliver a high quality development to complement the Cornish coastline.”