UK-based The Inn Collection Group is continuing its business expansion strategy with the acquisition of Ripon Spa Hotel in North Yorkshire.
Located in Park Street, Ripon, the hotel was under the ownership of the Hutchinson family.
Global real estate advisor Colliers sold the Edwardian era property on behalf of the owners for an undisclosed sum, off a guide price of £1.5m.
Set in around six acres of landscape grounds, the three-star hotel has 40 bedrooms, a ballroom, terrace bar and self-contained Turf Tavern Bar Bistro.
Ripon Spa Hotel is situated close to the city’s racecourse and other popular venues such as Lightwater Valley, Fountains Abbey and Newby Hall.
It is the fourth site in Yorkshire for The Inn Collection Group, which now has an estate total of 24.
The Inn Collection Group managing director Sean Donkin said: “The Ripon Spa is a fantastic addition to our portfolio of properties.
“It has huge potential which we have an exciting vision to realise. We’re looking forward to starting that journey while expanding the group’s footprint in Yorkshire.
“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.”
The Inn Collection Group receives financial support from OakNorth.
Ward Hadaway corporate department partner Imogen Holland conducted the due diligence on the acquisition.
With the completion of the acquisition, the new owner will execute a major refurbishment programme to enhance and repurpose the property.
UK Hotels Agency Colliers head 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.”