The Inn Collection Group Acquires First Lakes Inn10/09/2018
The Inn Collection Group is to open its 9th site after completing the acquisition of landmark Lake District property The Waterhead Hotel. The Inn Collection Group has purchased the freehold 24-bedroom property on its four-acre Coniston Water site from the Post Office Fellowship of Remembrance.
The purchase of The Waterhead Hotel by the north-east based operator comes as the group prepares to open a £4m new-build unit in Amble, Northumberland and follows the completion of a major investment and expansion programme across its sites. Managing director Sean Donkin said: “We are absolutely delighted to add The Waterhead Hotel to our portfolio as we continue our ‘buy and build’ strategic growth plans. “The Lake District has been a prime focus destination for our company and the addition of this impressive property in such an idyllic location will further enhance our offering to leisure and business customers. “We will continue to seek to grow our portfolio with selective acquisitions of units and new development opportunities that fit with The Inn Collection Group’s blueprint of providing quality accommodation, food and beverages in outstanding inn environments.”
Thomas Daffurn Director of the Post Office Fellowship of Remembrance said: “This has been a very special day. We wish The Inn Collection Group and The Waterhead Hotel every success in the future as the hotel begins a new chapter in its history.” The addition of The Waterhead Hotel brings The Inn Collection Group’s portfolio to nine properties trading or under development in the Lake District, Northumberland, County Durham and North Yorkshire. Newcastle-based law firm Ward Hadaway advised The Inn Collection Group on the transaction accompanied by Jones Lang Lasalle on pre-acquisition diligence.