Sidmouth's Hotel Riviera has been sold after 50 years in the ownership of the same family.
Peter and Dena Wharton put the hotel on the market with Knight Frank after deciding it was time for them to retire.
They said: “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.”
“Our team and guests have always been the focal point of the hotel and we believe the new owner fully understands the ethos of the business, and shares the vision to continue the excellent customer service that our guests expect.”
The hotel, in a prime position on the Esplanade, was on the market with a guide price of £3,500,000 with Knight Frank.
Matthew Smith, partner in Knight Frank's Hotel Agency team, 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.
“Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”
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