Jurassic Coast hotel sold for £3.5m to 'overseas investor'

The investor would "continue with the hotel's philosophy", the property agent said

A family-run hotel on the Devon coastline has been sold for £3.5m to an overseas investor, a property agent has said.

The sale of the Hotel Riviera, on Sidmouth Esplanade, marks the first time in 50 years it has changed hands.

Knight Frank, which managed the sale, said the "overseas investor", wished to remain confidential.

Matthew Smith, a partner at the firm, said his clients Peter and Dena Wharton could now start "retirement plans".

He said there had been "multiple offers" for the 18th Century property, which sits on the Jurassic Coast, 14 miles from Exeter.

Mr Smith said it had "sold off a guide price of £3.5m".

In a statement, owner Peter and Dena Wharton said: "Our family has been welcoming guests for 50 years.

"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."

They said their team and guests had always been the "focal point" of the hotel and the new owner "fully understands the ethos of the business".