Inn Collection Group grows expanding portfolio with first ever Lakes acquisition
The Inn Collection Group is to open its ninth site after completing the acquisition of Lake District property, The Waterhead Hotel.
The Inn Collection Group has purchased the freehold 24-bedroom property on its four-acre Coniston Water site from the Post Office Fellowship of Remembrance.
The purchase of The Waterhead Hotel by the North East-based operator comes as the group prepares to open a £4m new-build unit in Amble, Northumberland and follows the completion of a major investment and expansion programme across its sites.
Managing director, Sean Donkin, said: “We are absolutely delighted to add The Waterhead Hotel to our portfolio as we continue our ‘buy and build’ growth plans.
“The Lake District has been a prime focus destination for our company and the addition of this impressive property in such an idyllic location will further enhance our offering to leisure and business customers.
“We will continue to seek to grow our portfolio with selective acquisitions of units and new development opportunities that fit with The Inn Collection Group’s blueprint of providing quality accommodation, food and beverages in outstanding inn environments.”
The addition of The Waterhead Hotel brings The Inn Collection Group’s portfolio to nine properties trading or under development in the Lake District, Northumberland, County Durham and North Yorkshire.
Thomas Daffurn, director of the Post Office Fellowship of Remembrance, added: “This has been a very special day. We wish The Inn Collection Group and The Waterhead Hotel every success in the future as the hotel begins a new chapter in its history.”
Newcastle-based law firm, Ward Hadaway advised The Inn Collection Group on the transaction accompanied by Jones Lang Lasalle on pre-acquisition diligence.
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