Lakeland hotel sold for nearly £600,000
LYTH Valley Hotel near Kendal in the Lake District has been sold from an asking price of £599,500 by the specialist hotels team of real estate advisors Colliers International.
Acting for owner George Doodson who acquired the business in 1974 and is now retiring, Colliers international sold the hotel to Steve and Karen Edmondson, owners of the nearby Brown Horse Inn at Winster, near Bowness on Windermere.
Mr & Mrs Edmondson plan a major refurbishment of Lyth Valley Hotel which has an 80-seat restaurant and six letting bedrooms and terrace with views over Lyth Valley.
In the year ended March 31 2013, the hotel generated a turnover of £154,630.
Mr Edmondson said: “We’re extremely happy about our latest purchase and plan a major refurbishment to create a fresh and exciting place to eat drink and stay. All going well, we hope to be ready to re-open the doors in the next six months.”
Neil Thomson, associate director, hotels agency at the North West office of Colliers International in Manchester, secured the sale and said: “Our proven experience in hotel sales in the Lake District and unrivalled serviced standards were key to winning the instruction.
“After a short marketing process and several expressions of interest, local coaching inn operator Steve Edmondson was successful in securing the purchase. The whole process only took five months from start to finish and demonstrated the strength of the market and Colliers’ expertise in the licence and hospitality sector.”
