The Woodside hotel in Kenilworth, Warwickshire has been sold out of administration to property investment firm Archel Homes off a guide price of £4.95m.
The Victorian country house hotel was formerly part of the Sundial Group, which appointed administrators Grant Thornton on 22 February after being ‘heavily impacted' by the pandemic.
Woodside hotel is set within 5.5 acres and features 74 en-suite bedrooms, 20 meeting rooms with space for up to 120 guests, a restaurant, bar, brasserie, swimming pool and sauna.
It is located in an area which has been allocated for housing in the Warwick District local plan, and the land surrounding the hotel has recently been sold to British house building company Vistry.
Josh Aspland-Robinson, senior surveyor at Knight Frank, which acted as the sole selling agent, said: "The hotel attracted considerable interest from a variety of different parties including hoteliers and developers.
"The site offers an excellent opportunity for Archel Homes and we wish them well with their future plans. The hotel market continues to improve and there is considerable capital chasing a limited number of opportunities, ensuring asset values remain robust."
Jamie Pearson, purchaser, director, at Archel Homes, added: "We are delighted to have acquired the Woodside Hotel, where we had to perform to a tight and demanding purchase timeframe. It adds to our rapidly expanding portfolio of acquisitions throughout the South of England."