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The Riverside Hotel in Kendal has been sold to Interesting Hotels Group off a guide price of £4.5m.
The 58-bedroom hotel is located at the centre of Kendal on the River Kent, beneath the ruins of the town’s 12th Century castle, and was brought to the market on behalf of local hotelier South Lakes Hotels Limited.
The site features extensive public areas, including a bar and restaurant, meeting space and leisure facilities, as well as “valuable” town centre car parking.
The acquisition will see Interesting Hotels Group’s portfolio grow to eight hotels, including Llangoed Hall in Powys, Sudbury House in Oxfordshire, The Swan at Hay in Herefordshire, Poets House in Cambridgeshire, Hawkstone Park in Shropshire, Chateau Rhianfa in Anglesey and Hellidon Lakes in Northamptonshire.
Ulrike Le Roux, managing director of Interesting Hotels, said: “We are delighted with the acquisition of Riverside Hotel which is a good addition to our portfolio. We welcome the team at the hotel to the group and we look forward to working with them in developing the business further.”
Jonathan Denby, owner of South Lakes Hotels, added: “My congratulations to Interesting Hotels on their first Lake District purchase. They have established an excellent reputation in the hospitality sector, so I am confident that the Riverside Hotel is in good hands. The sale will enable me to bring forward my development plans for my remaining six Lake District hotels, about which I’m very excited.”
Julian Troup, head of UK Hotels Agency at Colliers, who handled the sale, concluded: “The size of the Riverside Hotel and the setting in an impressive tourist location resulted interest from a variety of potential purchasers, including developers and local investors. We’re pleased that the new owners are looking to continue the venue’s tenure as a hotel.
“This transaction adds to the high volume of our UK hotel sales that have been concluded already this year and demonstrates the continuing confidence in the market from a diverse range of buyers; despite current economic conditions.”
