The Derbyshire hotel has been bought off US-based Starwood Capital by Serani Hotels for a figure in excess of £10m.
Ravi Ruparelia and Rajiv Nathwani of Serani Hotels have bought the four-AA-star, 157-bedroom hotel and appointed hotel management and consultancy company Countrywide Hotels to manage and develop the hotel. The hotel had recently operated under the Principal Hotel Company's De Vere collection.
A £3.2m refurbishment programme will take place over the next year, and the hotel will be repositioned and rebranded as a Holiday Inn.
Along with the refurbishment of the bedrooms and communal areas, there will also be the creation of 55 new bedrooms, a signature restaurant and the introduction of a Starbucks lounge within the new open lobby.
The property is the first hotel acquisition for Serani Hotels, with further acquisitions planned, although Ruparelia acquired the Hunton Park hotel separately under his own company SR Hotels earlier this year off a guide price of £10m. The hotel was also acquired from the Principal Hotel Company and formerly De Vere-branded, has been placed under the management of Countrywide, and has since been re-branded as a Mercure.
Ruparelia said the hotel will undergo a "full refurbishment", which Nathwani added would "bring the hotel to the full four-star standard it deserves".
Managing director of Countrywide Hotels, Darren Patt, said: "The existing team are great and already perform very well, Countrywide Hotels will build on this success with a hands-on approach to driving the owners' return."
Countrywide Hotels manages 10 hotels in the UK, including Harben House near Milton Keynes and Denham Grove in Uxbridge, Buckinghamshire.
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