Hotel Riviera sold for £3.5m to overseas investor

Hotel Riviera in Sidmouth, Devon, has been sold to an overseas investor for £3.5m after 50 years of family ownership.

The four-star boutique hotel resides in a Grade II-listed property with 26 ensuite bedrooms, a two AA rosette restaurant, regency bar, function suite and an external terrace overlooking the beach.

Matthew Smith, partner in Knight Frank's Hotel agency team, who advised the sale, said: "After a highly successful long-standing ownership, our clients can now commence their retirement plans following a successful marketing campaign with multiple offers received for the hotel, which demonstrates the demand for highly profitable, well-maintained hotels in prime coastal locations.

Peter and Dena Wharton, owners of Hotel Riviera, added: "Our family has been welcoming guests for 50 years and the success of the hotel is due to striving for impeccable standards in both accommodation and service.

"We are incredibly fortunate to have had a team who are loyal and long-standing, who really understand the business, but as a family we have realised it is time to plan for our future and commence retirement."

Everys Solicitors acted for the seller and Porter Dodson acted for the buyer.