Olde Barn hotel sold off guide price of £2.5m

The Olde Barn hotel in Marston, Lincolnshire, has been sold off a guide price of £2.5m to a technology entrepreneur from Hertfordshire.

It is the third time the property has changed hands in the last ten years. In February 2020, the hotel was sold out of administration to the Shepherd Cox Hotel Group.

The property previously fell into administration in 2011 and was sold to the Leena Group for around £2m two and a half years later.

Its new owner, Jonathan Goulstine, said he intends to “improve the long term performance” of the 102-bedroom barn hotel, which also has a 70-cover restaurant, a 40-cover bar and a spa with a 15m swimming pool, jacuzzi, steam room, sauna and gym.

He said: “We are delighted to have acquired this hotel and spa with robust performance in such a challenging environment.”

Josh Sullivan, associate director of the hotels agency team at Colliers, said: “The sale garnered strong levels of interest from a variety of operators due to both the size and location of the hotel.

“Despite the threat of a looming recession and increased operational costs, the result further underpins the continued confidence in the regional hotel market and the demand for quality, provincial assets with value-add opportunities.”

The property was sold by Colliers on behalf of Libertas Associates on behalf of Shepherd Cox (Grantham) Ltd.