Bagshot hotel sold
The over 70-year-old, bright yellow 16-bedroom Bagshot House Hotel along Worthing main road has changed hands after six years of not being in operations.
While Robinson would not confirm how much the once famous hotel was sold for or if it would be reopened, Barbados TODAY investigations revealed that the asking price on the property was just over US$2 million.
It is also understood that the new owners were looking at the possibility of transforming it into condominiums.
Bagshot House Hotel, one of the islands longest operated small hotels along the south coast, is located on approximately 24,167 square feet of land and was a regular accommodation spot for many tourists including a number of famous people.
The hotel, which was operated by Bagshot Hotels Limited, was opened over half a century ago and employed between 15 and 17 people during its years of operation.
Robinson, 73, said the main reason for selling the hotel was because of the cost of maintaining the property while paying taxes.
“First of all the hotel was falling into disrepair. It got to the stage several years ago where you either had to, in order just to lease it out, spend a substantial amount of money just to refurbish it in terms of the electrical and the plumbing, air conditioning and the hot water [system]. All of these systems tend to break down after 50 and 60 years and the amount of money needed to put into it to bring it to the stage where it could be leased successfully or for someone to take it over was far more than what anyone coming could afford to pay,” he explained.
It was after his mother –– the original owner of the property –– passed away in 2002 that Robinson and his two brothers Allan and John took over ownership of the property.
Robinson said it did not make sense maintaining the building while not being able to make back the money on any investment even to pay off the interest on any loans.
“So the arithmetic didn’t work. It wasn’t worth it to spend that kind of money only to lose, because no one would be willing to pay the amount of money to cover the interest of the loan and that sort of a problem because it was not being operated for years and the shareholders [the brothers] that were supporting it were keeping it alive for many years and that became untenable as well,” explained Robinson.
Robinson, an avid golf player who resides in Canada but enjoys winter periods in Barbados, said at the moment he was not looking for any other investment on the island.
Asked if he was aware that the new owners might build condominiums on the location, Robinson said he was not aware but disclosed that in the past he did get permission to build between 15 and 17 condos on the location. He said, however, that after doing an assessment he determined that “it was not worth it”.