The Dolphin Hotel in St Ives has been acquired by US-based operator Aston Management Company for £3.4m and marks the company’s first move into the UK market.
The 67-bedroom hotel has been owned by the same family for over 25 years and has recently been updated, strengthening its reputation locally for weddings and staycations.
The sale is the first acquisition for the UK arm of the family-owned Aston Management Company, Cambridgeshire Hotels Ltd.
Aston Management has been in the hotel sector for nearly 40 years constructing, owning and managing 16 hotels in the US. The family were keen to expand their business further by acquiring and operating in the UK.
They identified The Dolphin Hotel, a purpose-built hotel and events venue near St Ives being sold through Christie & Co, as a great business opportunity.
Matthew Kavanagh, finance consultant at Christie Finance, assisted the family to secure the finance required and guide them through the process.
Kavanagh comments: “I am delighted to have assisted the newly-formed Cambridgeshire Hotels Ltd with their first hotel acquisition in the UK. The company has been searching for the right business for over a year and I am glad that I could provide my expertise to secure funding to meet their exact requirements.”