49-bedroom Trout Hotel in Cockermouth has been acquired by a local entrepreneur in a deal brokered by real estate advisors Colliers.
The specialist hotels team at real estate advisors Colliers, acting on behalf of a private owner based in the Northeast of England, has successfully concluded the sale of the Trout Hotel, Cockermouth, the renowned and well-appointed AA Four Silver Star hotel to a local entrepreneur, Bill Dobie.
Bill Dobie and family own the Washington Central Hotel, Workington and are very successful and supportive business operators.
The opportunity was confidentially launched to the market by Colliers with an asking price of £4,850,000. The sale took place at an undisclosed price.
Colliers acted for the private vendors who in recent years undertook an extensive circa £3,000,000 refurbishment programme that has resulted in a high-quality hotel asset offering a solid and stable trading performance.
The deal was brokered by Julian Troup, head of UK Hotels Agency at Colliers, who described the transaction as: “Yet another example of us being able to attract significant interest in a Cumbrian hotel opportunity, yet in a highly confidential fashion. The sale reflected continuing strong demand for quality hotel accommodation from both overseas and domestic buyers, with competing interest coming from a cluster of buyers. Despite 2020 being a challenging year, this is the 38th completed Cumbrian hotel sale Colliers has exclusively handled since the beginning of last year.”
Since the beginning of 2021 Colliers has sold in excess of 120 UK hotels and associated businesses to a diverse range of buyers.
The Trout Hotel occupies a highly prominent location at the heart of the popular and attractive market town of Cockermouth, located next to the National Trust building that was the birthplace of William Wordsworth and where he reputedly wrote one of his most famous poems The Daffodil.
The hotel has traded successfully following the heavy investment undertaken by the sellers, achieving net annual revenue of around £2,600,000 during 2019. The hotel provides outstanding facilities including 49 en-suite letting bedrooms, Impressive public areas including lounge bar, Derwent Restaurant, Terrace Bistro and Wordsworth Suite being located in attractive grounds with river frontage.
Ashraf Ali of Square One Law Solicitors based in Newcastle advised the selling shareholders.