Hotel near Wisbech sold to developer for ?1.9m as conversion …

A Cambridgeshire hotel has seen sold for almost £2million - and is set to become accommodation. Elme Hall Hotel, near Wisbech, was sold off of a guide price of £1.9million.

The 42-bed hotel, on Elme High Road, consists of two buildings. The main building a ballroom that can accommodate up to 350 people, a bar, a restaurant and eight of the bedrooms.

The second building is a two-storey detached bedroom block. This contains the other 34 guest bedrooms.

The hotel, which was constructed in the 1980s, has been acquired by Danny Conetta due to the previous owners' desire to retire. He hopes to turn the property into rental accommodation for 'young professionals'.

He said: “I am thrilled to be embarking on this fresh start for Elme Hall. I am dedicated to preserving its unique character while infusing it with a contemporary vision. I knew it was a fantastic opportunity that we couldn’t pass up. I’m planning to create a vibrant community of high quality rental accommodation for young professionals wanting to live in the area and support the local economy.”

Josh Sullivan, associate director in the Hotels team at Colliers, the real estate firm behind the sale, said: “We garnered substantial interest from both existing operators and speculative developers in Elme Hall Hotel, the fact that the property has changed hands for an alternative use demonstrates the versatility of hotel assets and their inherent potential in the commercial real estate market.”

References

1. ^{^} The abandoned Cambs train station which has been transformed into homes (www.cambridge-news.co.uk)