Penrith hotel with guide price of £2.75m sold

Joint commercial property agents Colliers International and Knight Frank have completed the sale of the George Hotel in Penrith on behalf of their clients, Lake District Hotels Limited.

The 35-bedroom hotel occupies a prominent position in the centre of the Cumbrian market town being only a short drive from the northern Lake District.

The 3-star hotel has a long standing place in the history and tradition of the market town with popular and renowned lounges and bars and was sold for an undisclosed sum off a guide price of £2.75m to Everbright Group, an expanding group founded in 2015.

The George is the fourth group hotel and second in Cumbria after the acquisition and full refurbishment of Stonecross Manor Hotel in Kendal in 2017.

Everbright Group general manager David said he and all of the staff look forward to welcoming all existing and new customers alike.

In a joint statement, Julian Troup, of Colliers International, and Kit Abram, of Knight Frank, said: “We are delighted to have completed the sale of the George Hotel to buyers who will continue to maintain the character and heritage of this attractive period property.

“The sale to a buyer with overseas connections is further evidence of rising international interest in acquiring UK hotels, largely thanks to devaluation of the pound.”