The collection's first hotel - Another Place, The Lake - is set to open in Ullswater, Cumbria, next August following work to transform the 18th century building, previously trading as Rampsbeck, from a 19-bedroom to a 40-bedroom hotel.
Another Place, which is being run independently from Watergate Bay Hotel, has received £3.5m of funding from Actev for development work which will include the creation of family suites, dog-friendly rooms and contemporary communal spaces.
The investment vehicle, owned by Fulcrum Asset Management chairman Gavyn Davies and Sue Nye, former director of Government Relations for Prime Minister Gordon Brown and a member of the House of Lords, said it was 'committed to supporting and investing in family and owner-managed businesses'.
"Its investment philosophy is to select exceptional management teams such as the Another Place team and to support them by providing capital for growth," said Nye.
Ashworth said there was a 'clearly defined strategy' for Another Place, which is to create a six-strong destination hotel collection in Europe and America over the next decade.
Although run separately from Watergate Bay Hotel, each hotel within the Another Place collection will share its philosophy of relaxed hospitality while deriving inspiration from its surroundings, so will be carefully chosen for its location and ability to offer all-year-round appeal.
A second site at Royal William Yard in Plymouth has already been secured with plans to turn it into a 60-bedroom hotel.
"Another Place is growing at a pace that gives it time enough to instil in its hotels qualities that are instinctive and relevant, yet surprising and refined," said Ashworth.