A Lake District hotel will receive a cash injection of more than £2.35m intended to restore it to its former glory days.
A total of £500,000 has already been spent on Sharrow Bay Hotel on the shore of Ullswater, according to a report in the Cumberland and West Morland Herald.
Phase one renovation works included a sensitive refurbishment of the main house, the creation of five new en-suite bathrooms, a new sitting room, the introduction of open fires and four refurbished rooms in the Edwardian lodge.
A further £250,000 is due to be invested by current owner Andrew Davis before work gets underway on a new restaurant in September.
The property, which is said to be the oldest country house in the UK, opened in 1949.
It has attracted celebrity guests such as Sir Paul McCartney, who proposed to Heather Mills during a break there, and John Major when he was Prime Minister.
In 2003 it was acquired by Andrew Davis’s Von Essen group which went into administration in April 2011.
The following year Sharrow Bay lost its coveted Michelin star, which it had held for 15 consecutive years.
Famed businessman James Caan bought it for £1.5m from administrator Ernst & Young in autumn 2012, who the following year sold it back to Davis.
Phase two of the hotel’s renovation will be funded by the sale of Bank House, a seven-bedroomed stone and slate property which has been used as additional guest accommodation for the hotel since 1974.
An offer of £1.6 million has already been made for Bank House, according to the newspaper report.
The plans for Sharrow Bay include new bedrooms with outdoor private patios overlooking Ullswater, taking the number of bedrooms to a total of 23 or 24, and the creation of a new solar panelled glass-fronted bistro, which will be able to seat up to 50 people,
The existing fine dining restaurant is also to be extended.