A hotel in one of the Lake District’s most popular honeypot areas has been sold off an asking price of £1.5 million.

The Oak Bank Hotel situated on the banks of the River Rothay in Grasmere, has been snapped up by experienced hotelier, Serena Von Der Heyde, who is planning substantial investment in the property and a rebrand before relaunching the hotel in Spring next year.

She takes the reins from Glynis and Simon Wood who are retiring after 12 years operating the business, during which time they have transformed Oak Bank from a 2 Star hotel into a 3 Silver Starred hotel, with 2 AA Rosettes, a Michelin Plate, and an entry in The Good Hotel Guide.

Ms Von Der Heyde said she would be building on the couple’s successful tenure and would also be investing in staff development.

She said: “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.

“I am looking forward to releasing further details as we go into the new year.”

The sale of Oak Bank Hotel – which boasts 13 en-suite letting bedrooms spread across three floors – was handled by specialist business property adviser, Christie & Co.

Its director, Alistair Greenhalgh, said: “Hotels such as the Oak Bank are in high demand, particularly in a sought after and idyllic location such as Grasmere.

“Unsurprisingly, this opportunity generated interest from a number of parties and demonstrates how strong the market remains in the Lake District.”

Christie & Co would not confirm the eventual selling fee, although the hotel was put in the market on a freehold basis with an asking price of £1.5m.