Today’s news in brief – 9/5/24
The General Tarleton Hotel and Restaurant, a charming 18th-century coaching inn near Harrogate, is up for sale at £1.2m. The Morris family, current owners and locals, bought it in 2021 and have renovated it extensively, featuring 15 bedrooms, an outdoor dining area, and a restaurant/bar accommodating up to 90 diners. Its proximity to major tourist spots makes it an ideal investment opportunity.
Lewtrenchard Manor, a family-run hotel, has entered voluntary liquidation, leaving behind debts of £400k and £23,700 in cash. Despite its closure in February, the hotel, owned by Sue and James Murray, features 13 individually designed rooms and a 2 AA Rosette fine-dining restaurant.
Landsec, a real estate company, has sold its entire hotel portfolio to Real Estate funds managed by Ares Management for £400m. The 21 hotels, fully leased to AccorInvest, generated £28.4m in net income. Ares plans to enhance the portfolio’s value through refurbishments and operational improvements, focusing on energy efficiency and carbon footprint reduction.
Park Grand London Kensington Hotel, purchased by global investment firm KKR and its European partner Amante Capital, will undergo an extensive refurbishment to become a boutique lifestyle hotel under Marriott International’s Tribute Portfolio brand. This marks KKR and Amante Capital’s first acquisition since launching their hotel platform, emphasising their commitment to sustainable hospitality real estate.
