Hotel investment firm Shepherd Cox has acquired the Sandpiper Hotel in Chesterfield, Derbyshire, for £1.35m from retiring owner David Cook.
The hotel, which has 46 en-suite bedrooms and three self-catering apartments, a restaurant with 60 covers, a café lounge and conference and banqueting suites, will be operated by hotel management company Michels & Taylor.
Cook built the hotel on Sheffield Road, Chesterfield, in 1975 and has since operated it as a family-run business.
Neil Thomson, associate director, hotels agency at real estate advisor Colliers International's Manchester office, which brokered the deal, said: "We have seen a huge increase in demand from private investment companies, which view the leisure sector as a profitable alternative to traditional property investments. Hotels in particular offer a reasonably low risk option because they provide a relatively guaranteed rental yield, based on consistently high occupancy levels."
Shepherd Cox director Nick Carlile added: "We are very pleased to have acquired the Sandpiper Hotel as the 17th hotel in our portfolio. We have identified key areas to add value to the asset which will drive the business forward."
Shepherd Cox owns a mix of independent hotels and properties operating under brands such as Ibis, Holiday Inn and Travelodge.
Videos from The Caterer archives