Redworth Hall is under new ownership after being acquired as part of a £75m group deal.
Newcastle-based hotel and bar operator Cairn Group has snapped up five properties across the UK, including Redworth just outside Newton Aycliffe, for a combined total of £75m.
Believed to be the biggest hotel acquisition by a North East company this year, the business has also added The Old Ship Hotel in Brighton, The Angel Hotel in Cardiff, The Majestic Hotel in Harrogate and The Stirling Highland Hotel to its now 3,000-room portfolio.
The family-owned firm now employs over 3,000 staff as it continues to expand its empire following a £101m refinance deal completed in May.
Cairn Group finance director Richard Warren said: “This is an incredibly exciting move for us. We are continuing to break into new territories and penetrate new customer bases.
“Each of the hotels are completely unique and operating successfully. We see huge potential for them within the Cairn Group portfolio as we expand our coverage into new areas, offering a truly ‘national’ choice for our customers who remain our number one priority, alongside ensuring we provide first class hospitality, each and every time.”
Mincoffs Solicitors LLP and HSBC Bank plc have supported Cairn Group on the lucrative acquisition of the business.
John Nicholson, corporate partner at Mincoffs Solicitors, said: “The addition of this new suite of hotels to Cairn Group’s portfolio is incredibly impressive and, having acted for the business for over 25 years, it is fantastic to see the company continue its ambitious growth.”
Mincoffs also oversaw Cairn Group’s successful acquisition of 11th century, grade II-listed property, The Parish bar in York in August, and the purchase of Stoke Place in January.
Julia Fox of Deloitte, who led tax advice for the purchaser, said: “Having been involved at every step of the way, the completion of this transaction is a landmark deal for this forward-thinking group. It’s always a pleasure to advise them as they deliver their growth and expansion plans.”
Savills and Rothschild jointly advised on the sale of the hotels.
Martin Rogers, head of UK hotel transactions at Savills, added: “We are delighted to have secured new ownership for these five outstanding hotels.
“The unique character of each hotel and their unrivalled locations ensure they are profitable business, attracting visitors all year round.”