Chesterfield hotel sold for £1.35m
The Sandpiper Hotel in Chesterfield, Derbyshire, has been sold for £1.35m.
Investment firm Shepherd Cox has bought the hotel in a deal brokered by real estate advisors Colliers International.
Owner David Cook will now retire with the hotel being managed by Michels & Taylor, the hotel asset management company.
Cook built the hotel on Sheffield Road, Chesterfield in 1975 and has since operated it as a family-run business.
The Sandpiper has 46 en-suite bedrooms and three self-catering apartments, a restaurant that can sit 60 people, conference and banqueting suites, a café lounge, restaurant and parking.
Neil Thomson, associate director, hotels agency at the Manchester office of Colliers International, secured the deal and 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.”
Nick Carlile of Shepherd Cox said: “We are very pleased to have acquired the Sandpiper Hotel as the 17th hotel in our portfolio. We have identified key areas to add value to the asset which will drive the business forward.”