Doubletree by Hilton Hotel and Spa Chester sold to MCAP Global Finance

The 140-bedroom DoubleTree by Hilton Hotel and Spa Chester has been acquired for an undisclosed sum by investment group MCAP Global Finance from Sanguine Hospitality and funds managed by Downing.

The deal follows MCAP's acquisition last year of 11 Queens Moat Houses hotels branded as Crowne Plaza and Holiday Inn.

Newly formed managements company Valor Hospitality Europe will now take over the operation of the hotel.

Set in 12 acres of grounds, the hotel includes the Marco Pierre White Steakhouse Bar and Grill, the Hoole Hall Club and Spa, and conference and function facilities. The hotel is centred around a property built in 1757, which was converted to a hotel in 1982, before being refurbished and rebranded as the Double Tree by Hilton Hotel and Spa Chester in 2009.

Julian Troup of Colliers International, which marketed the sale, described the hotel as "one of the north west of England's leading luxury hotels" which represents "a strategic addition to the buyer's growing portfolio of select UK hotels".

MCAP Global Finance is a UK subsidiary of New York-based investment adviser Marathon Asset Management.