The Grange Hotel in Grange-over-Sands, Cumbria, has been sold to the Fairtree Hospitality Real Estate Private Equity Fund for \u00a34.5m.\r\n\r\nThe acquisition by Fairtree represents its eighth investment in the UK hospitality market. The Fairtree Fund already owns seven further hotels including Borrowdale Gates Hotel, Grange-in-Borrowdale and a number of hotels in the south-west.\r\n\r\nThe property features 55 en-suite bedrooms, five lounges and conferencing facilities for up to 300 delegates.\r\n\r\nColliers International handled the sale, acting on behalf of private owners Hugh and Jenni Rushton. Providence Hospitality, a UK-wide hospitality management company, has secured contracts to manage all the properties owned by Fairtree.\r\n\r\nJoe Bester, director of Providence Hospitality, said: \u201cProvidence prides itself on the highest quality of customer care, and we are keen to maintain our reputation in these new locations. Our extremely attractive product offering, cutting-edge team and best-of-market pricing has been very successful, and we now manage 10 properties in the UK.\u201d\r\n\r\nJulian Troup, head of UK hotels agency at Colliers International, who secured the sale, said: \u201cThe acquisition of the Grange Hotel is a further example of us being able to sell the shares in the hotel owning company and in a highly confidential fashion. There was competing interest in the hotel and the decision was taken to proceed with a proven buyer eager to further expand in the area.\u201d\r\n\r\nHe added: \u201cWe are seeing an emerging trend of increased demand for quality provincial hotel opportunities from a diverse buyer set. These profiles range from international investors (attracted by weaker sterling and improving trading prospects), private buyers (attracted to the benefits of a lifestyle opportunity) to corporate investors (attracted to favourable returns and real estate alternatives)."