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Palma - Hostal with 40 Bedrooms, 3 Bungalows & 4 Commercial Premises
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Ref: Finder 2414
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Area: Palma
Tenure: Freehold
Term:
Price: € 3,500,000
(approx £ 2,404,596)
Other:
The premises comprise a total built area of 2,800m2 (spread over 4 levels – ground, 1st, 2nd & 3rd floors) and sits on its own land of approx 1,700m2.
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Long established ‘Hostal’ business to be sold ‘Freehold’ together with 3 ‘Bungalows’ and 4 ‘Commercial Locals’ on the main road linking Palma to the SW resorts. The business has been in the same family ownership for an amazing 50 years but now they must retire!
The premises comprise a total built area of 2,800m2 (spread over 4 levels – ground, 1st, 2nd & 3rd floors) and sits on its own land of approx 1,700m2.
The hostal has 40 bedrooms (35 doubles / 5 singles), each with a generous sized 30m2 floor area including a bathroom and balcony (rooms to the front have views across Palma Bay towards Cabo Blanco).
Entrance lobby from the street, reception area & lounge. Fully equipped kitchen plus a bar, restaurant & games room for guests, swimming pool, changing rooms, showers, and a parking area for 15 cars.
The bungalows are currently being used as owner & staff accommodations plus general storage. The locals include a laundry, a newsagents and a bar.
The hostal opens from April till October offering B & B to mainly repeat clients including many Scandinavians at 25€ per person per night. With no advertising, no tour operator contracts and no rent to pay profits are high.
COMMENT:
This is a well known ‘landmark’ in the area of 50 years standing and so in some ways it is amazing the family can let go of the ‘reins’ – however they now want to retire. Although the premises have been well maintained the décor could perhaps benefit from a general update.
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