The Rutland Arms, in High Street, Newmarket, to be auctioned by Allsops for £1.75m

An iconic town centre hotel will be auctioned next week with a guide price of £1.75m.

The Rutland Arms, in High Street, Newmarket, will go under the hammer by Allsops on Thursday, December 14.

Review Hotels Ltd had acquired the property in 2018 and began extensive planning to restore the 17th century building to its former glory, but the business has faced several challenges since and so has decided to move the hotel on.

The sale of The Rutland Arms will include the planning permission to create a 72 en suite bedroom hotel.

Noel Byrne, managing director of Review Hotels Ltd, said: “On behalf of our team, we express profound disappointment at this outcome as we had truly hoped to play a leading role in revitalising the historical fabric of not only The Rutland Arms, but also the whole town of Newmarket.

“As stakeholders in the community, we took pride in our investment in its rich history, but the circumstances have led us to the difficult decision to auction the Rutland Arms Hotel.

“In relinquishing ownership, we hope that the hotel, with its storied past, will find caring and committed new owners who can restore it to its former glory.”

The business also extended its gratitude to those who had helped them in its journey and expressed hope for the ‘continued prosperity and vibrancy of Newmarket.’

The Rutland Arms dates back to 1815 when John Henry Manners, the fifth Duke of Rutland, commissioned builder John Kent to build the hotel on the site of the former Ram Inn, which itself dated back to the 17th century.

The hotel currently boasts three stars, restaurant and bar facilities, as well as conference and event space for 60 delegates.