Lakeland hotel is sold
Last updated 11:37, Monday, 21 April 2008
A HISTORIC Lake District hotel has been sold to a private equity fund in a deal which could become the future of Cumbria’s tourist trade.
Moorfield Real Estate Fund completed a deal this week to take control of the Derwentwater Hotel and Derwent Manor, at Portinscale, near Keswick.
The venue will now be leased to national holiday and coach firm WA Shearing, which will be responsible for its day-to-day running.
Moorfield bought Shearings’ network of hotels for £110m in 2006. It now leases the venues back to the firm.
The Derwenwater becomes the fourth new hotel Moorfield has bought for the chain since the deal.
Buy and lease back deals are becoming increasingly popular but have attracted criticism from trade unions.
Motorway cafe network Little Chef hit trouble after selling and leasing back its properties to private equity outfit Permira.
The three-star, 48-bedroomed Derwentwater has a bar, residents’ lounge, restaurant, conservatory, games room and a hotel shop and information centre.
The stone-built Derwent Manor, across the road, has 19 luxury self-catering apartments over four storeys and was originally built as a country residence for the three-time Lord Mayor of Manchester, Alderman John Grave, who was in office when plans were being made to create a reservoir at Thirlmere to serve Manchester.
Moorfield has spent over £3bn since its formation.
Marc Gilbard, investment and asset manager for MREF said: “We felt that Derwentwater Hotel and Derwent Manor would fit very comfortably into the WA Shearings concept and we were impressed with the potential of the properties.”
The previous owners, who bought it in 1987, have retired.
