Lake District Hotels adds seventh asset

Put up for sale in August with a guide price of just under £4m, the 60-bedroom Patterdale Hotel has been snapped up.

Colliers’ specialist hotels team led on the sale of the property for the vendor, Choice Hotels (Blackpool).

Located in the village of Patterdale, within the UNESCO-designated Lake District National Park, the destination, which dates back to the 17^th century, was marketed at a guide price of offers in the region of £3.95m.

As Place reported last summer, according to HM Land Registry the hotel had last been traded for £1.27m in 2001.

Julian Troup, head of Colliers’ hotels agency team, said: “The Patterdale Hotel unsurprisingly generated significant interest from a diverse range of interested parties.

“The opportunity offered an enviable location, extensive accommodation, and solid trading performance make it a highly attractive proposition. This transaction is further evidence of the Lake District’s continued ability to attract strong domestic and overseas investment.”

Lake District Hotels already owns six hotels in the area, including the Lodore Falls Hotel and Spa, Derwentwater and the four-star Inn on the Lake overlooking Ullswater.

The 60-key stone-built Patterdale Hotel sits on six acres and also includes staff accommodation and public areas including the Place Fell Inn lounge bar, a cosy interconnecting snug, the West Lounge with combined seating of around 40, and a 66-cover restaurant.

The seller Choice Hotels also own four other hotels, including the Keswick Country House Hotel, which is also currently being marketed by Colliers, following the directors’ decision to refocus their attention on the group’s coastal portfolio.

The operator said: “It has been a privilege to steward the Patterdale Hotel for more than 25 years, investing significantly in refurbishments and upgrades.

“The hotel enjoys a loyal customer base, and we wish the new owners every success as they take the business into an exciting new chapter, building on this solid foundation and capitalising on the hotel’s unique setting.”

Dani Hope, director of Lake District Hotels, said: “We are excited to add the Patterdale Hotel to our collection of Lakeland hotels. We have extensive plans to upgrade the accommodation and to trade the hotel alongside our other properties in the north Lakes.”