Hi,
As the bigiam says, you have nothing to lose by issuing a press release, so good luck!
However, before you do so, and assuming that you are only looking to get coverage in one or two publications, it may be worthwhile before you send the release out identifying a journalist (not the editor) on each publication, and contacting them directly to see if they would be interested in featuring your property. Your opening pitch could go something along the lines of:-
"Hi - I'm just calling to see if you would be interested in featuring my new business in your publication. My new B&B / cottage has had over £xx,xxx investment in it to make it a real home from home, and we are targetting it towards local people who have people visiting them for, for example, a wedding or a party, and who need somewhere to stay. Because we are targetting this repeat, local business, we have furnished it to a very standard compared to other properties that will make it of particular interest to your readers.
I would like to invite you over to have a look at the property - maybe you would like to come over one morning, when I would be happy to meet with you and offer you one of our lovely breakfasts that we will be serving to guests"
Try to find out, if they are weekly or monthly publications, when press day is (if nothing else, the receptionist may be able to tell you), and phone the day after (so if press day is Tuesday, call on Wednesday) as they are likely to be less busy then.
The worst that can happen is that they will say no (and realistically, they probabaly will), but at least you have the name of a journalist to send (by email) the release to, who will know a little bit about you.
They may also put you through to the advertising department - if they do, and you have had many contractors working on the project, you could consider an advertorial type piece supported by advertising from your contractors.
TheBigAM's outline press release looked good as well - I hope he doesn't mind that I have made a few tweaks:-
A new bed and breakast has opened targeted at local people who need short term accomodation locally for relatives and friends.
The owner of the B&B, Mr and Mrs X said "there are plenty of B&Bs in Xtown, but few that we would be happy to recommend to friends visiting the area. We have invested over £xx,xxx in our business to ensure that if you have friends coming for a wedding, family get - together or other event, you can be confident that if they stay at xxxx B&B they will be receiving the very best service and accomodation.
Mr and Mrs Bloggs, guests at the B&B said "It's such a lovely building with perfect views. These views are matched by the friendly service provided by Mr and Mrs X, and the high quality room specification ensured that we were reluctant to leave. I would have no hesitation recommending my friends or family to stay here."
Visitors to the bed and breakfast can enjoy (list facilities). The upgrade to the building took xxx months and involved doing x, y and z, to the building but Mr and Mrs X demanded only the very highest standard from their contractors to allow them to deliver the standards that their guests expect.
Mr and Mrs X can be contacted on xxxxx and the B&Bs website is www.xxxxx
I suggest that you don't put the prices in - it would be unlikely that the paper would print them, and it would narrow your room to change them in the future.
I wouldn't worry about the format of it too much, especially if you are only sending it to a few publications, and a more informal approach may be more effective, especially if you have already spoke to the journalist you are emailing it to - don't send it out by post.