A Devon hotel has been sold for the first time in half a century having been on the market for £3.5m.
The four-star Hotel Riviera on the Sidmouth Esplanade has been acquired by an overseas investor, after being family-run for 50 years.
The Grade II listed property, located within 14 miles of Exeter on the Jurassic Coast, comprises 26 en-suite bedrooms and suites, an 85-cover restaurant, bar and a function suite.
The sale comes as the 18th century boutique guesthouse’s former owners Peter and Dena Wharton are set to retire from the hospitality industry.
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Property consultancy Knight Frank, which handled the transaction for the sellers, said the accommodation in the tourism hotspot had attracted “multiple offers”.
Matthew Smith, a partner in Knight Frank’s Hotel Agency team, said: “Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”
Mr and Mrs Wharton said: “Our family has been welcoming guests for 50 years and the success of the hotel is due to striving for impeccable standards in both accommodation and service. We are incredibly fortunate to have had a team who are loyal and long-standing, who really understand the business, but as a family we have realised it is time to plan for our future and commence retirement.
“Our team and guests have always been the focal point of the hotel and we believe the new owner fully understands the ethos of the business, and shares the vision to continue the excellent customer service that our guests expect.”
