A renowned Lake District hotel and inn has been bought off-market for an undisclosed price by an expanding hospitality business.

The New Dungeon Ghyll, Great Langdale, has been bought by hospitality business RedCat Pub Company, marking its first venture into the Lakes for the private equity backed firm.

James Boshier, director of Everard Cole, who acted for RedCat, said: “I am delighted that RedCat now have a foothold in the Lake District and am looking forward to working again with Colliers to identify further opportunities throughout the Lakes.”

The three-star hotel is located at Great Langdale amid the spectacular fells of the Langdale Valley on a site of around 12 acres, which includes mature gardens and pastures, an extensive outdoor seating area, and a car park.

The traditionally constructed detached stone property with a slate roof was originally a farmhouse before being converted in 1832. It currently comprises 23 en-suite letting bedrooms, and public areas with restaurant, bars and lounges.

Julian Troup, head of Hotels Agency at Colliers, who acted for the Smith family who had owned New Dungeon Ghyll for 30 years, said: “The hospitality sector in the Lake District has been attracting increasing corporate attention, as indicated by this acquisition of the renowned New Dungeon Ghyll hotel by the recently-formed RedCat Pub Company.

“With interest rates remaining low, hotels and pubs in staycation areas such as the Lakes are delivering impressive trading figures and solid returns on investment, and we expect to see continuing corporate and private demand from both overseas and domestic buyers given the growing popularity of UK staycations.”