A traditional four-star 19th century boutique hotel in the Lake District has been sold by Christie + Co for off a guide asking price of £850,000.
Cherry Garth Guest House, situated in the Lake District National Park in Ambleside, comprises 12 bedrooms, plus a self-contained owners’ accommodation with two bedrooms, a kitchen and lounge.
The current owners have been in charge of the property since 2004, earning a four-star AA rating before deciding it’s now time to move on.
Ingoing purchasers, experienced hoteliers Joe and Sarah Warzecha are now aiming to focus on further developing the business.
The sale was handled by Martin Davis, director at Christie + Co’s Manchester office.
He says: “Cherry Garth presented an ideal opportunity for buyers looking to purchase a lifestyle business.
“We are pleased to report that the recovery in the hotel sector that we saw in 2014 has continued in the first half of this year. We have experienced a further increase in activity across all aspects of the transactional and valuation sides of our business compared with 2014.
"In addition to attracting experienced regional operators and high net-worth individuals, it is interesting to note the increase in the number of overseas buyers that are looking for hotel opportunities across Cumbria and the North West of England, given the favourable rates of return when compared with their own countries, as well as those seen in London and the South East, where bricks and mortar values and operational costs can be considerably higher.”