Lakes hotel on market for £2.85m

THE historic George Hotel in Penrith, Curmbria is up for sale for £2.85m.

Offers are being invited for the property by the specialist hotels team at real estate advisers Colliers International.

The grade II-listed building on Devonshire Street, in part dating back to the early 18th Century, has been extensively refurbished by current owner, Lake District Hotels.

It features 35 refurbished en-suite letting bedrooms, extensive public areas including restaurant, bar and conference room, the Georgian Ballroom with minstrels gallery, a separate Regency Room and manager’s accommodation.

The George has a three-star AA rating and in the year to end March 2015 achieved a turnover in excess of £1.5m which is an increase on the previous year.

Penrith is a magnet for people visiting the North Lakes and Pennines and sits on the edge of the Lake District National Park, England’s largest national park.

Julian Troup, director, head of hotel agency at Colliers International, is undertaking the sale on behalf of Lake District Hotels, and said: “This imposing building in the heart of Penrith has a rich history and performs well financially having benefited greatly from an extensive refurbishment undertaken by our client.

“Small and characterful hotels such as the George are attracting increasing levels of interest from both private and corporate investors as lenders emboldened by the wider economic recovery are prepared to provide finance for such acquisitions.”