Corporate and finance senior associate, William Bowler, and commercial property partner, Paul Sabin, advised Penelope Thornton Hotels Ltd on the sale of its Grade II listed country house hotel, the Riverside House Hotel.
Dating back to as early as 1620, the renowned hotel, which is situated in Ashford-in-the-Water in the heart of the Peak District National Park, was sold to an unnamed buyer off a guide price of £1.675m.
Penelope Thornton Hotels Ltd had owned the property since 1997 and after spending considerable time and money on the sympathetic restoration of the building and establishing a highly successful business, have made the decision to sell the hotel as part of their retirement planning.
Commenting on the deal, William Bowler said:
“It was a pleasure to work alongside the directors of Penelope Thornton Hotels Ltd. and assist them with this disposal.
“All parties were motivated to conclude the transaction as quickly and efficiently as possible, with the sale process taking just seven weeks from the point of agreeing commercial terms to formal completion.
“We wish both our client and the purchaser all the very best for the future.”
Julian Troup, Head of UK Hotels Agency at Colliers International, added:
“The Riverside House Hotel offers excellent potential to further expand the already successful trading business.
“The purchasers can take advantage of the current surge in ‘staycations’ and the completion of another deal proves the uplift in activity we are witnessing since the prospect of the re-opening of the hotel sector was announced.”