The 40-bedroom hotel with 100-cover restaurant, meeting rooms and outdoor pool has been owned by the same family since the 1940s. It will be operated by Giant Hospitality, owned by Gavin Woodhouse and Northern Powerhouse Developments.
The Giant Hospitality hotel management group has a growing portfolio of UK-based hotels which they manage on behalf of the Northern Powerhouse Developments portfolio, including Caer Rhun Hall in Conwy and The Queen's Hotel in Llandudno.
Woodhouse said the Fourcroft would operate as a sister hotel to the Llandudno Bay Hotel & Spa, which is part of the group's premier hotel collection.
"This is the first of four hotels we are acquiring and opening in South Wales to complement our existing hotels up and down the coastline of the United Kingdom," he said.
“Tenby is an amazing location and offers some of the most picturesque views I have seen anywhere in the world - It is hard not to be seduced by its charm. We are keen to compliment the local businesses and hope to be part of the future success of Tenby and the surrounding areas."
Woodhouse thanked Fourcroft's former managing director Chris Osborne for 'laying such great foundations' for the business's future. The hotel has been regularly updated and there are no immediate plans to refurbish the property.
“It has been amazing to see the passion Chris Osborne has demonstrated over the hotel and towards his guests. Our aim is to continue to maintain a personal style and touch to the service while providing it the security of a much larger operating machine supporting it through operation," he said.
Peter Brunt of Colliers, the agents in charge of the sale, said the hotel benefited from being in a top location within a popular holiday resort.
“With much of the town’s economy depending on tourism, Tenby has three huge factors in its favour: a fantastic situation on Carmarthen Bay, great road communications via the M4 and half a dozen or more top notch tourist attractions within a very short distance - the Fourcroft Hotel has arguably the best location for a hotel in town."