Michael Isaacs and Penny Nisbitt have sold the 93-key hotel spa business to Fortress Investment Group
Fortress has appointed full-service hospitality management firm David Hospitality Group to oversee the transition
There will be no material changes to how the property is run
Fortress plans to build a UK spa portfolio, with more acquisitions likely
Ragdale Hall, the destination spa hotel in Leicestershire, UK, has been sold to US firm Fortress Investment Group after 35 years of family ownership. The consideration was not disclosed.
Former owners, Michael Isaacs and Penny Nisbitt will now step away from the business, which will be operated by
Davidson Hospitality, with Davidson's Andrew Brown a director.
Davidson operates high-end hotels and resorts in the US under brands such as Kimpton, Marriott, Hyatt, Margaritaville and Hilton, as well as having a boutique hotel operating company called Pivot. The business also manages restaurants within its hotel properties and has a restaurant concept development arm.
With the exception of Issacs and Nisbett, the current leadership will remain in place at Ragdale, with no immediate material changes for customers
Isaacs and Nisbett said: “After 35 years as a family-run business, we've decided now is the time to pass Ragdale on to new ownership.
“It's been a major part of our lives and we're proud of the business we have built,” they added. “We leave with deep appreciation for our team, our guests and the local community and with confidence that Ragdale is in good hands for the future.”
In the UK, Fortress owns pub operations chain Punch Taverns, wine retailer Majestic Wine and the fast-growing cafe and restaurant chain Loungers.
It says it will deliver renewed investment, energy and support in order to grow the business and provide new experiences and has indicated it plans to build out its spa portfolio with further acquisitions.
With Champney's believed to be for sale,
Spa Business speculates that Fortress might also add that brand to its portfolio.
About Ragdale HallAfter a colourful history as a hunting lodge, Ragdale Hall was bought by
Slimming Magazine's Audrey Eyton of F-plan diet fame in 1973 and turned into the Ragdale Hall Health Hydro.
In June 1990 it was acquired by two of the founders of Our Price Records, Michael Isaacs and Gary Nesbitt and their families.
The 13-acre, 93-key rural property has undergone a range of upgrades in all areas of the operation and now offers 12 heat and water experiences, including a cave shower, volcanic salt bath and garden sauna. The spa also has six pools and six relaxation areas.
There are 130 therapists serving customers and providing treatments from a menu of more than 100 therapies.
Skincare partners at the spa include Clarins, Elemis, Medik8 and Sea Magik.
The spa recently won this year’s
Good Spa Guide Award for Best Spa for Wellness.
