Seafront hotel no longer up for sale
PUBLISHED: 09:40 25 June 2014
AN ICONIC seafront hotel has been taken off the market after its long-term owner had a change of heart over a million pound sale.
The Tsaroullas family has become synonymous with Weston’s hotel industry since taking on the Mentone Hotel in the early 1970s.
Nick Tsaroullas, who also runs Nick’s Bar and the adjoining Smith’s Hotel, had planned to retire this year and was looking to sell up. The plan progressed to the point that the hotel was advertised online.
But he has had a change of heart and there will be no ‘for sale’ signs going up outside the premises, which were packed over the weekend as people made the most of the stunning weather.
Mr Tsaroullas had put the Mentone Hotel – featuring 17 en-suite bedrooms - on the market for £1.75million.
Estate agents said the three-storey premises, with two bars, had an annual turnover of £935,000 and it was capable of serving hundreds of customers with a perfect view of the seafront.
Mr Tsaroullas said he was no longer looking to sell, with the sun shining plus the bar and hotel enjoying the traditional seasonal boom in trade.
He added: “It is the wrong time of the year to sell. I have changed my mind.
“Maybe I’ll look to sell up next year, I don’t know.”
Mr Tsaroullas said if he was going to sell up in the future, it would have to be to the right owner, rather than a rushed deal which would jeopardise the businesses’ future.