Sojourn Hotels has bought the leasehold on the Express by Holiday Inn in Crawley off a guide price of around £10m.
The seller, pub operator Mitchellls & Butlers, has been operating the hotel under a franchise agreement that was due to expire. It has kept the nearby Harvester restaurant.
The purpose-built, limited-service hotel is located close the centre of the West Sussex town.
It currently offers 74 en-suite bedrooms but comes with planning consent to add another 44. Other facilities include a 38-seat breakfast/dining room, an adjacent meeting room to accommodate up to 35 customers theatre-style, and parking for 120 cars.
The deal includes the site of the former Jefferson's Diner, which provides an open-plan bar and adjoining dining area in a substantial detached property.
The new 175-year lease (with peppercorn rent) was sold through the Manchester office of Colliers Robert Barry.
By Angela Frewin