A 19th century hotel in Rothbury, on the edge of the Northumberland National Park, has been acquired by growing hospitality group, Vivid Hotels.
Coquetvale Hotel has been sold by Christie + Co off an asking price of £795k, after seller Lee Pattison made the decision to step back from the business.
Incoming operator Vivid Hotels now has ambitious plans to develop the hotel and its offering, including its 14 bedrooms, terrace, bar and restaurant.
Pattison bought the property in 2013 and turned what was then a struggling hotel into the thriving business it is today, increasing occupancy and room rates as well as improving the look of the building.
He comments: “I am looking to take a step back to focus on my hospitality consultancy business and to spend time with my family.”
Mark Worley, director in Christie & Co’s Newcastle office who handled the sale, says: “Any hotel owner who is considering a sale is naturally concerned about the impact that open marketing could have on their business and it was therefore imperative that our efforts involved a high degree of confidentiality.
“We are pleased to say that we not only managed to maintain confidentiality but have also found a buyer swiftly and at a price which met Lee’s expectations.
Owner and managing director of Vivid Hotels comments: “We bring many years of experience and understanding of how to sympathetically improve hotels of this nature, in order to cement their place as a focal point for the community and add value to their location.”
“The hotel has seen recent investment and improvement and our ambition is to continue that process to realise the hotel’s full potential through further investment, operational excellence and outstanding customer service.”