Inn Collection Group acquires Waterhead hotel
The Inn Collection Group has acquired the 24-bedroom Waterhead hotel in Coniston.
The group purchased the freehold of the hotel in Cumbria from the Post Office Fellowship of Remembrance off a guide price of £2m. The deal was brokered by Colliers International.
Managing director Sean Donkin said: "We are absolutely delighted to add the Waterhead hotel to our portfolio as we continue our ‘buy and build' strategic growth plans.
"We will continue to seek to grow our portfolio with selective acquisitions of units and new development opportunities that fit with the Inn Collection Group's blueprint of providing quality accommodation, food and beverages in outstanding inn environments."
Thomas Daffurn, director of the Post Office Fellowship of Remembrance, added: "We wish the Inn Collection Group and the Waterhead hotel every success in the future as the hotel begins a new chapter in its history."
The Inn Collection Group's nine properties trading or under development also include the Commissioners Quay Inn at Blyth and the Hog's Head Inn at Alnwick, both in Northumberland. The group will open the £4m Amble Inn next month following a recent major investment and expansion programme across its sites.
Newcastle-based law firm Ward Hadaway advised the Inn Collection Group on the transaction accompanied by Jones Lang Lasalle on pre-acquisition diligence.
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