The Savoy Hotel, on Central Promenade, Douglas is on the market at a guide price of £1.84m.

The Victorian end-of-terrace building has 20 en suite bedrooms, all with rooms overlooking Douglas Bay; a bar and grill restaurant, and a residents-only gym. It carries an Isle of Man Government four star rating.

The business has been in the Perager family for 12 years and they are selling to focus time on bringing up their children.

The Savoy’s accounts for the years ending 2018, 2019 and 2020 show a turnover of approximately £225,000, £293,000 and £319,000. This is made up of approximately 67% from accommodation with a 50/50 split of local guests and those from across.

It is clearly not the easiest time to sell any business in the hospitality sector and the Savoy has been on the market with local agents Harmony Homes for several months.

Paul McArd, managing director of Harmony Homes, explained that he has recently engaged Fleurets, a UK agent which specialises in the leisure and hospitality sector, as joint agents to broaden the marketing reach.

He said: ’We chose them because they were definitely the most proactive and we’ve already had interest from across from their first mailshot.

’The island has become more of a magnet because of the way it has dealt with Covid. There is much more interest [in the island] than there was 12 months ago.

’The owners have refurbished the proterty extensively, it’s a large freehold and the figures are good. I am quietly confident.’

The property is being marketed by Lesley Watmough from Fleurets’ Manchester Office, together with Paul McArd from Harmony Homes’ Douglas office.