It happened at the Livermead Cliff Hotel in Torbay Road on Valentines Night.
A man threatened a staff member with a knife, demanding money. He searched the reception area and left with a quantity of cash.
Officers would like to hear from anyone who may have relevant dash cam footage of the area around the hotel between 8.30pm and 9pm on Thursday 14th February.
A man and a woman, both in their 30s and from Torquay, have been arrested on suspicion of conspiracy to commit robbery. They have been released under investigation pending further enquiries.
Anyone with information is asked to contact police via 101@dc.police.uk or by phone on 101, quoting crime reference CR/013846/19.
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