Rooney Anand's RedCat Pub Company buys Lake District hotel and inn
Rooney Anand's RedCat Pub Company has bought its first property in the Lake District as it continues to grow its portfolio.
The group has acquired the New Dungeon Ghyll hotel and inn in Great Langdale off-market for an undisclosed sum.
Former Greene King chief executive Anand launched RedCat earlier this year with the aim of building a "differentiated pub company". It has the backing of investment firm Oaktree Capital Management, which has raised at least £200m to invest in the UK pub sector.
The New Dungeon Ghyll was originally a farmhouse before being converted into a hotel in 1832. It has been owned by the Smith family for 30 years and features 23 en-suite bedrooms, a restaurant, bars, lounges and large outdoor seating area set within 12 acres of grounds.
Julian Troup, head of hotels agency at Colliers, said the hospitality sector in the Lake District has been attracting "increasing corporate attention".
"With interest rates remaining low, hotels and pubs in staycation areas such as the Lakes are delivering impressive trading figures and solid returns on investment, and we expect to see continuing corporate and private demand from both overseas and domestic buyers given the growing popularity of UK staycations," he said.
RedCat's first acquisition in March saw it take on 42 former Stonegate Group pubs for an undisclosed sum. It is looking to acquire further retail and tenanted pubs across the UK with a focus on the east, south east, and south.
Former New World Trading Company Chris Hill was appointed chief executive of RedCat in February.