New hotel group H&M Hotels has acquired the three-AA-star, 30-bedroom Stonecross Manor hotel in the Lake District off a guide price of £1.8m from Patam Limited.
The group will be investing £500,000 in a major refurbishment of the property in Kendal, including the bedrooms, bar, restaurant and function rooms. It plans 10 further acquisitions of 30 to 100-bedroom hotels across the north of England to establish a chain of "hotels of character".
H&M was advised on the acquisition by management company Onecall Hospitality, which will operate the hotel on its behalf. H&M is a sister company to Everbright Lodge, which owns the Rossett Hall hotel in Wrexham and recently acquired the Wild Pheasant hotel in Llangollen, North Wales, out of administration.
Mark Chambers, managing director of Onecall Hospitality, said: "Stonecross Manor Hotel is one of Kendal's best known hotels and is well loved by locals and visitors to the Lake District alike. In recent years it has suffered from a lack of investment. The aim is to restore the hotel to its position as a focal point within the community, as a venue for dining out, events and functions and to rebuild the tourist trade."
Mark Worley of Christie & Co acted as agent for the sale of the property.