The Coaching Inn Group has announced the acquisition of the 25-bedroom Golden Lion Hotel in St Ives, as the group steps up its expansion plans.
The growing Lincolnshire-based group purchased the property off an asking price of £2.5m, which will now join the 11 other coaching inns located in between Yorkshire to Wales in the portfolio.
The Golden Lion Hotel had previously been owned by Mike and Alison Purchas for a number of years, and during their ownership the hotel has been extensively refurbished and upgraded, to offer year-round accommodation together with substantial food and beverage sales.
Tim Gooding, director from Christie & Co’s Ipswich office brokered the deal and commented, “We are delighted to have sold this business to a growing and successful company who will take great care in developing the operation even further and adding to the exceptional job undertaken by the vendors.
“The sale indicates growing buyer confidence in the pub & hotel sectors and reinforces the improving level of activity we’ve been experiencing over the course of this year.
“We believe that this trend is set to continue, and expect to see an increase in interest in the pub & hotel markets as 2016 progresses.”