A TRADITIONAL Lake District hotel has been sold off an asking price of £1.5 million.

The Oak Bank Hotel, on the banks of the River Rothay in Grasmere, has been run by Glynis and Simon Wood for the past 12 years. They sold the hotel, which has 13 en suite letting bedrooms, in order to retire.

The couple have transformed the Oak Bank from a two star hotel into a three silver starred hotel, with two AA Rosettes, a Michelin Plate and an entry in The Good Hotel Guide.

Experienced hotelier, Serena Von Der Heyde has bought the business and is planning substantial investment in the property and employee development.

She is excited to have the opportunity to build on Glynis and Simon’s excellent work and plans to rebrand and relaunch the hotel in Spring 2020.

“I am very excited to be taking on a business in Grasmere, an incredible guest destination that provides many opportunities for adventurers, food fanatics and those who just want to relax and recharge in stunning surroundings," she said. "I am looking forward to releasing further details as we go into the new year.”

Alistair Greenhalgh, director at Christie & Co which handled the sale, said: “Hotels such as the Oak Bank are in high demand, particularly in a sought after and idyllic location such as Grasmere.

"We’re delighted to have found Glynis and Simon a buyer for their business and wish them a happy retirement. Unsurprisingly, this opportunity generated interest from a number of parties and demonstrates how strong the market remains in the Lake District.”