Providence Hospitality has made its next move in the UK hotel market, with the acquisition of its third boutique at a price of £3.75m.
The group has acquired Borrowdale Gates Hotel, its first property in the Lake District, which will join its Cornish hotels The Old Quay House and The Rosevine in the portfolio.
The 33-bedroom hotel has been purchased by Guernsey-based Fairtree Hospitality, a real estate private equity fund managed by international asset management company Fairtree Capital.
Providence Hospitality has secured contracts to manage all the properties owned by Fairtree in addition to its presence in South Africa.
Joe Bester, director of Providence Hospitality, said: “We have been looking to grow our selection of boutique hotels with businesses that align with the high standards and incredible locations of our two Cornish properties, and feel Borrowdale Gates fits perfectly.
“It successfully retains the charms of a 19th century country house, while enjoying unforgettable views across the fells. The hotel is the perfect retreat for a relaxing break or a base for an adventure-filled getaway.
“We’re very excited to continue offering the exceptional service that guests associate with the hotel, and look forward to working with the great team that is currently in place to develop and enhance this fantastic property further.”
The 19th century building, which was originally a family home, was rescued from a state of decline by previous owners Colin and Joy Harrison, who purchased the business in 2008 and subsequently spent in excess of £1.5m on a refurbishment.
Having completed the upgrades and extensions to the building, Joy and Colin Harrison have decided to retire from the industry.
Alongside Borrowdale Gates Hotel’s 33 bedrooms, the restaurant holds an AA Rosette and is looked after by head chef Christopher Standhaven.