Advised by Colliers International and Knight Frank, Everbright Group has bought the George Hotel in Penrith, which was listed for sale on a guide price of £2.75m.
The 35-bed three-star hotel is in the centre of Penrith, and will be Everbright’s fourth, and its second in Cumbria after the acquisition of the Stonecross Manor Hotel in Kendal last year.
The George was purchased by Everbright for an undisclosed sum but was listed for sale at £2.75m.
Penrith is set to undergo significant change in the coming years with Eden Council consulting on a new masterplan for the town which sets out its ambitions to 2050. This includes the construction of between 5,000 and 8,000 homes as well as road improvements and developing employment sites.
Julian Troup of Colliers International and Kit Abram of Knight Frank said: “We are delighted to have completed the sale of the George Hotel to buyers who will continue to maintain the character and heritage of this attractive period property.
“The sale to a buyer with overseas connections is further evidence of rising international interest in acquiring UK hotels largely thanks to devaluation of the pound.”