A mansion built in 1787, Cumbria Park Hotel has been carefully restored throughout the years to become a thriving hotel with a proven track record. In 2019, Cumbria Park Hotel will get a complete renovation to become a boutique condo hotel with the rooms sold to individual buyers.
Those buyers will then lease their rooms back to the developer for a 10% net return. That return is guaranteed for the first five years of ownership, producing income from day one of purchase.
After five years, owners who choose to keep their unit will get a 50/50 split of the net room revenue. For those who want to sell, the developer is offering the option of a 120% assured buy-back. When combined with the annual return, owners would be receiving 14% per annum.
Cumbria Park Hotel is three stories tall; two stories of hotel rooms over extensive common areas, meeting and function space on the ground floor. It has a total of 56 hotel rooms and is operated as a successful wedding, tourist and business venue.
The property enjoys an excellent reputation for high standards of accommodation and cuisine combined with helpful, friendly service, all of which contribute to a 75% year-round occupancy rate. It was the winner of LateRooms.com’s Top Rated Award 2017, as well as the TripAdvisor Certificate of Excellence in 2017.
Facilities and services available currently at Cumbria Park Hotel include:
- Lounge bar
- Fitness center with Jacuzzi pool
- 6 meeting rooms
- Function suites to accommodate up to 120
- Outdoor gardens
- Popular wedding/conference venue
- 24-hour security
- Multi-lingual hotel concierge
- Valet and doormen
- Maid service
- Room service
Refurbishment of the hotel and its amenities will take 12 months to complete. It is expected to bring the property up to four-star quality.
Cumbria Park Hotel is located in an area considered one of the most beautiful regions of the UK. Every year 15.8 million people tour Cumbria. It is home to the Lake District National Park, which is the most visited national park in the UK, famous for its scenic lakes, forests and mountains.
The hotel is ideally situated for exploring the city, including Carlisle Castle a nine-centuries-old fortress and the remains of Hadrian’s Wall, which make it a designated UNESCO World Heritage Site.
The individual rooms at Cumbria Park Hotel range in size from 183 sq. ft. to 592 sq. ft. The prices range from $89,900 to $173,000 (subject to fluctuations in currency exchange).
The rooms can be reserved for purchase with a deposit of under $10,000. Closings are expected to take place within 28 days. With only 56 rooms and the 10% leaseback program, this property is likely to sell out quickly, as have others in the past offering similar terms.
If you are interested in learning more about Cumbria Park Hotel, please feel free to ask specific questions or request our detailed data sheet. We will respond within 24 hours (usually much sooner). Contact Joel Greene at Joel@CondoHotelCenter.com or call (954) 450-1929.