The Best Western Plus Bentley Hotel & Spa has been sold off a guide price of £4m after 22 years under the same ownership.
Knight Frank has secured the sale of the 82-bedroom hotel to John Mulchandani, who adds to his growing portfolio having acquired Stanton House Hotel in Wiltshire earlier this year.
The hotel, which also comprises eight meeting rooms, a bar, restaurant, gym, spa and swimming pool, will be operated by Meridian Hotels.
The Bentley Hotel was constructed in 1999 under the ownership of Carole and Ian Wootton, who are now looking forward to retirement.
Matthew Smith, partner in the Knight Frank Hotels team, said: “Having carried out a confidential marketing campaign we are delighted to announce the sale.
“The sale further demonstrates the demand for hotels that provide a mix of both private leisure and corporate custom, which is being fuelled by the lack of quality hotels currently available for sale.”
Paul Evans, operations director for Meridian Hotels, added: “Meridian Hotels is delighted with the acquisition of The Best Western Plus Bentley Hotel and we look forward to bringing our team’s wealth of experience and expertise into the running operation of this flagship hotel in Lincoln.
“It has a great deal to offer both corporate and leisure guests and by bringing some new ideas and a refresh of all bedrooms and public areas, we will maintain the current involvement with the local community that Carole and her team have developed over the years, and look to expand on this going forward.”