A LAKE District hotel has a new owner after being put on the market for almost £4m.

Borrowdale Gates Hotel, Grange-in-Borrowdale, described as "one of the Lake District’s foremost country house hotels", has been bought by a private equity fund based in Guernsey.

The final purchase price has not been revealed, but the hotel had been offered at an asking price of £3.75m.

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Borrowdale Gates, which has 33 en-suite bedrooms, was sold on behalf of private owners Colin and Joy Harrison by the specialist hotel team at Colliers International.

The hotel has been acquired by Fairtree Hospitality Real Estate Private Equity Fund, the Guernsey investment vehicle managed by international asset management company Fairtree Capital.

Borrowdale Gates Hotel also has 13 staff bedrooms in a building converted from a mid-19thcentury private home and set in gardens and grounds with views along Borrowdale.

The acquisition by Fairtree represents its third investment in the UK hospitality market with more to follow.

Providence Hospitality, a UK-wide hospitality management company, has secured contracts to manage all the properties owned by Fairtree in addition to its presence in South Africa.

Providence Hospitality director Joe Bester said: “Providence prides itself on the highest quality of customer care, and we are keen to maintain our reputation in these new locations.”