Bowness-based Hydro Hotel has been acquired out of administration by Thai-based Lake Merritt Group.
The 78-bedroom hotel in Lake Windermere entered administration in February, after a large-scale £1m renovation project led to cashflow issues.
Phil Pierce and Paul Whitwam, partners at FRP Advisory, were appointed joint administrators of the business on 8th February 2019.
The property had been owned and operated by Squires Hotels since 2014.
Now the deal, which was brokered by Colliers International, has secured the jobs of Hydro Hotel’s 32 employees with all bookings unaffected.
As well as 78 bedrooms, the hotel also boasts conference and events areas, a swimming pool, and a substantial restaurant and ballroom that can seat up to 150 people.
Phil Pierce said: “We worked closely with all parties to secure the sale of the Hydro Hotel, and the acquisition is the best possible outcome for everyone involved. Not only does it guarantee that people’s holidays, weddings and events can go ahead, but it also saves a significant number of local jobs.”
Julian Troup, Head of UK Hotels Agency at Colliers International, commented: “The sale of Hydro Hotel generated an enormous level of interest. Our instructions were to go openly to the market utilising our extensive buyer database and our strong marketing presence and dedicated PR team.
“Its sale is indicative of an unprecedented level of interest from buyers wanting to acquire UK provincial hotels, with the Lake District continuing to be Colliers’ most productive area in the UK and the sale coming hot on the heels of that of the Queens Hotel, Ambleside last month.”
Prab Thakral, an advisor to Lake Merritt Group, commented: “The Hydro is an exciting addition to our fast-growing portfolio. We have identified a significant opportunity for development within both the grounds and the hotel itself. We are confident our developments will reposition this great hotel within the strong Windermere leisure market.”
FRP Advisory was advised by Doug Robertson of Irwin Mitchell in Leeds.