Shropshire based Guyzance Hall has acquired The Wordsworth Hotel and Spa in Grasmere in a deal worth almost £5 million. It has also been announced this week that an unnamed investor has completed the purchase of an historic Irish hotel.
Both deals were led by Colliers International with the first seeing the Lake District property change hands for a total of £4.95 million. Previous owner Iain Gartside made the decision to sell as he is currently preparing to retire after spending several years investing heavily into updates for the 17th century property.
Originally built by the Earl of Cadogan as a shooting lodge, the hotel features 39 en suite bedrooms along with a newly refurbished ground floor restaurant. Guests are able to make use of leisure facilities including a heated indoor swimming pool and health and beauty spa, while the property’s 2.5 acres of surrounding gardens and fully equipped conference suite makes it an ideal business destination.
Head of UK hotels at Colliers International, Julian Troupe, noted the growing demand for properties of this kind in the Lake District.
He said; “The Wordsworth is one of the Lake District’s leading country house hotels in a prime location, in the hugely popular tourist destination of Grasmere, and represents an ideal addition to Guyzance Hall Ltd’s burgeoning portfolio of country house hotels.
“This is the fourth large Lake District hotel, including Grasmere Red Lion (49 bedrooms), Burnside Hotel Bowness (57 bedrooms) and Windermere Hydro (84 bedrooms), sold by Colliers International since the summer of 2013.
“Each of the hotels was sold to a very different type of buyer with the only common theme being the continued strong demand for hotels in the UK’s largest National Park.”
The Wordsworth, which has a four star rating and has gained two AA Rosettes for its restaurant facility, certainly looks to be a profitable investment for Guyzance Hall, as it generated around £2.4 million worth of turnover last year.
Furthermore, it is ideally situated to take advantage of the Lake District’s booming tourism industry, which attracts an average of 15 million visitors per year and saw hotel occupancy figures rise by more than 5 per cent year on year in 2014.
Guyzance Hall has a strong history in the country house hotels niche, having acquired three similar properties in Northumberland along with a number in Edinburgh and also in Kelso in the Scottish Borders. As yet, it is unclear whether the firm will choose to invest in further upgrades for the newest addition to its portfolio.
Operations director Eric Kortenbach says; “We are delighted at this acquisition.
“It sits well with the company’s small portfolio and I know that our major shareholders’ owners are very pleased.”
Meanwhile, in the second transaction handled by Colliers, a “local” buyer beat off scores of international bidders by paying half-a-million euros (£378,000) over the asking price for an historic Irish hotel. The guide price for the landmark property — put into receivership by the National Asset Management Agency (Nama) — was €4.5m (£3.4m).
The deal was concluded two months after The Waterford Castle Hotel and the 310-acre island on which it sits was offered for sale. Although it refused to name the new owner, the agent confirmed the property was viewed by potential buyers from the United States, Germany, Canada, the Gulf States, China and the UK with offers being “made from nearly every country in the world”.
Marcus Magnier, of Colliers, said: “I cannot release the name of the purchaser except to say that they are a family with strong local interests.”
He added: “The buyer, who is based overseas, already has Irish interests and has ambitious plans for the castle, which includes an 18-hole golf course, a clubhouse and 48 garden lodges.”
The unique property, at Ballinakill, County Waterford, ran into trading difficulties following the property crash in 2008. It was owned by a business consortium, which ran up debts of almost €34m (£25.7m) with the Allied Irish Bank before a provisional liquidator was appointed late in 2013.
Since then the hotel business has picked up considerably and the resort reportedly showed a “strong operating profit” in the past year on a turnover estimated at €3.5 to €4m (£2.6m to £3m).
The centrepiece of the island is the wisteria and ivy clad four-star Waterford Castle Hotel with its 16th-century oak panelling and Portland stone interior. Located around the island golf course are 48 three-bedroom lodges. Three of lodges were sold to private investors, but planning regulations restricts the number that can be disposed of.
The 18-hole golf course — designed by former Ryder Cup player Des Smyth — first opened in 1992 and runs through a mix of wood and parkland. The island’s remaining 110-acres of farmland also includes a two-storey house and stables and two adjoining cottages in need of restoration.
As part of the new owner’s “extensive development plans”, Marcus Magnier hinted the island could be transformed into a world-class resort, with a phased development over the coming years. Other possibilities included a marina and yacht club, a golf academy and an equestrian centre.
The sale included all fixtures and fittings and equipment, but excluded the island ferry, which is being sold separately for €700,000 (£530,000). The chain-link ferry operates a round-the-clock service and carries up to a dozen cars as well as passengers on the three-minute crossing from Waterford City less than a mile down river.
The first monastic settlement on the island dates back to the sixth century. Maurice Fitzgerald, cousin of Strongbow, the English Earl of Pembroke, sailed past the island and landed in Waterford in 1160. The island subsequently became home to the Fitzgerald family for 800 years before being sold to a private owner in the 1950s.
Story: Kirsten Kennedy & Cliff Goodwin
Photos: Bigstock
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