The 49-bedroom Mercure Parkside House hotel near Milton Keynes has been sold to investment company, the Clubhouse Group, for an undisclosed sum off a guide price of £2.6m.
Located in five acres of grounds in the village of Woughton-on-the-Green, the Georgian property is a busy wedding and function venue boasting five conference rooms.
The Clubhouse Group, headed by Nazim Manji, owns the nearby Mercure Abbey Hill hotel in Milton Keynes, which underwent a £15m renovation in 2012, as well as hotels under management in Holland, Switzerland and Belgium.
Stewart Harkness, associate director at property company Christie + Co, which conducted the sale, said: "This opportunity came about at the perfect time for the Clubhouse Group, following the huge success in revamping the Mercure Abbey Hill hotel, which we sold to Nazim in 2012."
"The Parkside currently ranks as one of the best-loved wedding venues in Milton Keynes and we are confident the hotel will continue to prosper and progress under the new ownership."
In 2013, the Mercure Parkside House hotel achieved a turnover of £1.86m, with an occupancy rate of 71%. Average room and revenue per available room rates were £60 and £42.70 respectively.
Mercure is the mid-market non-standard brand from French hotel group, Accor.