Operators of The Castle Hotel in Lincoln have agreed an acquisition deal to secure the freehold of the property, located in the shadow of the city’s iconic castle walls.
The undisclosed seven figure funding package with the Royal Bank of Scotland will secure the long-term future of business.
Built in 1852 as a School House, The Castle Hotel is now operated as a boutique hotel offering 18 luxury rooms and apartments, all with generous en-suites, 80 channel media centres and free WIFI.
The hotel is also home to the award winning restaurant ‘Reform’, which has been named ‘Best Restaurant’ in Lincolnshire Life’s Taste of Excellence Awards on two occasions.
The Castle Hotel was acquired in 2011 by current owners Paul Catlow and his partner Saera Ahmad.
Paul Catlow said: “I am really pleased that we have been successful in our bid to acquire the freehold of the building that we operate the hotel from.
“We always intended on purchasing the building from the start its just taken a little longer in our negotiations to do so.
“Since taking over the hotel six years ago we have invested heavily in the building and made substantial improvements to keep standards high so I am pleased that we now have full ownership and control over the building and can continue making necessary improvements that we need to make for the benefit of guests and residents.
“We have plans in place to create two new rooms in the hotel now that the acquisition has completed and are looking forward to being able to increase the number of guests we have staying with us.
“I have been really pleased with the support we have received from Anna Ellison our relationship manager at Royal Bank of Scotland. She has worked alongside us brilliantly throughout the process, being constantly on hand and enabling the acquisition to complete.”
Anna Ellison, Senior Relationship Manager, Royal Bank of Scotland, said: “Acquiring the freehold to the building is a great move for Paul and Saera.
“It secures the future of the business in that location and removes any future uncertainty with regards to handling leases and landlords. The Castle Hotel is a thriving business and the addition of the two new bedrooms will help to satisfy the high demand the establishment faces.”