Richard Carr, CEO of Fortitudo, has returned to the hospitality sector following a nine-month deal to take over the town centre venue.
It comes after the previous owner Harry Brewer announced he was stepping away after “25 incredible years”.
The move marks an “emotional comeback” for Mr Carr who said his family owned the Royal Exeter hotel until 1967.
He said: “I lived here until I was seven years old.
“My grandfather then decided he wanted to retire and sell it. And so, it’s quite an emotional comeback really.
“And I’m really enjoying being involved in a building that’s got such strong family ties from many, many years ago. I have really fond memories of being here.
He added: “It’s a huge thing.”
Mr Richard Carr acquired the Royal Exeter hotel and 1812. (Image: NQ staff)
Mr Carr said the acquisition is his return to the night-time economy after his company Fortitudo officially entered administration last year.
He said the property development business is “very difficult” amid challenging market conditions.
“The development business is so difficult at the moment with the cost of borrowing issues, planning issues, ecological issues, etc.
“I’m still going to be doing property as well but we’re not developing anything for the foreseeable future because of the economy.”
Mr Richard Carr acquired the Royal Exeter hotel and 1812. (Image: NQ staff)
Mr Richard Carr acquired the Royal Exeter hotel and 1812. (Image: NQ staff)
Plans are already underway to transform the hotel into a boutique destination, inspired by high-end venues such as The Crazy Bear, with refurbishment work due to begin next month.
Mr Carr said: “We’ll be modernising all of the hotel rooms first.
“The bar is already beautiful, but we’ll be putting much more entertainment on.”
A programme of live events is planned for the May Day bank holiday with other events also planned for the summer.
Mr Carr said he expects a strong turnout and aims to reposition the venue as a “pinnacle entertainment venue of town.”
He added: “We’re going to have to work hard to get the standards to where I want to get them to. We’re expecting a big weekend, but we’ll be promoting it to very much more as an entertainment-led venue.
“We will push to make this the pinnacle entertainment venue of the town.”
Mr Richard Carr acquired the Royal Exeter hotel and 1812. (Image: NQ staff)
Mr Richard Carr acquired the Royal Exeter hotel and 1812. (Image: NQ staff)
Mr Carr said he believes Bournemouth will re-emerge slowly and he can see the nigh-time economy getting “much stronger.”
He added: “I do think that Bournemouth is going to get better and otherwise I wouldn’t have taken this bold step. I think I’m going to help that. I want to help bring Bournemouth back to how it used to be.
“We’ve got to be optimistic, and we’ve got to keep pushing to move the town back into what I think was once a very prosperous and vibrant environment.”