Mon, 21 Jun 2021 | BUSINESS SALE
Rapidly growing North East-based pub and hotel group the Inn Collection Group has made its fifth acquisition of the year with the takeover of the Ripon Spa Hotel in North Yorkshire. The 40-bedroom hotel was sold for an undisclosed price, but had been listed at a guide price of £1.5 million.
The Inn Collection Group has used what has been an extremely difficult time for the hotel industry to embark on an acquisition spree, with the Ripon Spa Hotel deal being its 11th overall during the COVID-19 pandemic and taking its total estate up to 24.
This year, its hotel acquisitions include the Carlton Hotel in Lytham St Annes, Lancashire, the Waterhead Hotel and the Wateredge Inn in the Lake District and the Park Hotel in Tynemouth, North Tyneside.
The Ripon Spa Hotel will initially remain closed as a refurbishment is undertaken to bring the hotel in line with the group’s other sites in the Eat, Drink, Sleep and Explore brand. Set in six acres, the 40-bedroom hotel features a self-contained bar and bistro, terrace bar and ballroom.
The sale was handled by Colliers on behalf of long-term owner the Hutchinson family. The auction marks the first time that the Ripon Spa Hotel has been brought the commercial market since it originally opened in 1906.
Following the acquisition, Inn Collection Group MD Sean Donkin stated: We are delighted to be welcoming the Ripon Spa Hotel into our portfolio.”
“Its picturesque location in such a popular part of the UK makes it the perfect fit for The Inn Collection Group and our offering of delicious food, great drinks and fantastic accommodation in stunning locations. We’re excited to be furthering our expansion plans with such a great site, and are proud to be continuing to thrive during these challenging times for the hospitality sector.”
Donkin added: “The Inn Collection Group excels at revitalising classic, landmark sites like The Ripon Spa and realising their full potential with significant capital spend, detailed planning and care to retain the unique, historic character of landmark sites such as this.”
Colliers head of UK Hotels Agency Julian Troup said: “This sale marks a new chapter in the history of The Ripon Spa Hotel, and I look forward to seeing this renowned Yorkshire hotel benefitting from the high-quality of refurbishment for which The Inn Collection Group is synonymous.”
“There has been a noticeable change of mood in recent months among potential hotel purchasers. Activity has significantly increased, and The Ripon Spa Hotel attracted a good deal of interest from a diverse range of buyers before being secured by The Inn Collection Group.”
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