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The Sandpiper Hotel in Chesterfield has been sold from an asking price of £1.35m by hotel investment firm, Shepherd Cox.
Real estate advisors Colliers International brokered the deal on behalf of owner David Cook, who is going into retirement.
Cook built the hotel in 1975 and has operated it as a family-run business ever since. The new purchase will make it the 17th property in Shepherd Cox’s portfolio.
The hotel has 46 en-suite bedrooms and three self-catering apartments. It also has an on-site restaurant as well as conference and banqueting suites.
Neil Thomson, associate director of Colliers International, 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.
“To this end, we have noticed that hotels still attract interest with premium prices paid for high quality assets and particularly those that offer potential to improve the pattern of trade or a development opportunity.”
