Latest £3.75m hotel sale makes Cumbria a hot spot for Colliers
The latest is for the Borrowdale Gates Hotel in Grange, near Keswick, which has been sold from an asking price of £3.75m to Fairtree Hospitality Real Estate Private Equity Fund, a Guernsey investment vehicle managed by international asset management company Fairtree Capital.
The property offers 33 en-suite bedrooms and 13 staff bedrooms in a building converted from a mid-19th Century private home and set in gardens and grounds with views along Borrowdale.
The Fairtree Fund already owns two hotels in Cornwall – The Old Quay House and The Rosevine – with further acquisitions in the UK hospitality being planned.
Julian Troup, head of UK hotels agency at Colliers International, said: “The acquisition of Borrowdale Gates Hotel, a genuinely outstanding example of a country house hotel in the Lake District, by Fairtree, is a further example of an international buyer securing a prime provincial hotel.
“We are witnessing an increasing flow of such deals, particularly involving buyers from the Far East and Asia, because the devaluation of sterling following the EU Referendum means such transactions are now 20 per cent less expensive than a year ago, thereby making the UK hospitality market a very attractive prospect for buyers overseas.”
He added that Cumbria is the most productive county for the hotels’ team at Colliers with 18 hotel and hospitality sales in the past 12 months.