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Elme Hall Hotel in Wisbech is set to be turned into residential accommodation after being sold for £1.9m.
The purpose-built 42-bed hotel constructed in the 1980s has been acquired by Danny Conetta.
The main building includes eight guest bedrooms, a galleried ballroom with a capacity of up to 350 people, a bar and a restaurant. A two-storey detached bedroom block accommodates the remaining 34 guest bedrooms.
The hotel was put up for sale with the guid price of £1.9m after the previous owners decided they wished to retire.
Conetta said: “I am thrilled to be embarking on this fresh start for Elme Hall. I am dedicated to preserving its unique character while infusing it with a contemporary vision. I knew it was a fantastic opportunity that we couldn’t pass up.
“I’m planning to create a vibrant community of high quality rental accommodation for young professionals wanting to live in the area and support the local economy.”
Josh Sullivan, associate director in the hotels team at Colliers, who led the sale, added: “We garnered substantial interest from both existing operators and speculative developers in Elme Hall Hotel, the fact that the property has changed hands for an alternative use demonstrates the versatility of hotel assets and their inherent potential in the commercial real estate market.”
