The Best Western Hotel Bristol in Newquay, Cornwall, has been sold for the first time in 94 years for over £5m.
The 74-bedroom property has been purchased by Salboy, a property developer based in Manchester. Originally built in the Victorian era and extended in 1934, the hotel retains much of its original art deco interior and has been owned by the Young family for five generations.
Howard Young, managing director of Hotel Bristol, said: "After a competitive bidding process, we are pleased to pass the baton to a new owner. We wish to thank our loyal staff past and present for their hard work over many years. They will continue to provide their excellent hospitality with the support of Simon from Salboy and his team.
"We are excited to hear Simon's plans to build on the legacy of my family and retain a hotel on the site and wish them every success."
Matthew Smith, partner in the hotels team at Knight Frank which marketed the property, said: "This sale demonstrates the wall of capital that is waiting to be deployed for south-west hotel assets that provide an opportunity for an investor to reposition a business and take advantage of its trading position.
"We received a high number of offer proposals all from credible parties keen to stamp their own style on the business, resulting in a best and final bids process.
"The opportunity appealed to an array of buyer profiles, highlighting not only the strength of the market but also the demand for coastal hotels. Salboy intend to continue to operate the business as a hotel and have exciting plans for the adjoining assets and land."
Knight Frank Hotels are currently instructed to sell in excess of £90m worth of hotels in the south-west of England, many on a discreet basis.