The Ramada hotel at The Mailbox has been sold as part of a double deal worth more than £21.5 million which could see a new company in place.
MCAP Global Finance, a UK subsidiary of the New York investment advisor Marathon Asset Management, has bought the 90-room hotel and another Ramada in Salford Quays, Greater Manchester, from Shiva Hotels.
The pair were sold for "in excess" of the £21.5 million guide price although no exact figure was placed on the deal.
Shiva Hotels decided to market the properties earlier this year as they were deemed non-core within their portfolio and they have been sold with the opportunity to break the existing franchise agreement and reposition to another four-star brand.
They will be managed by Valor Hospitality, on behalf of MCAP Global Finance.
Property consultancies JLL and Savills acted for the seller.
Will Duffey, executive vice-president in JLL's hotels and hospitality group, said: "The combination of the exceptionally strong regional UK hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors.
"With over 80 parties signing the non-disclosure agreement to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5 million guide."
Rob Stapleton, director in Savills' hotel investment team, added: "These two hotels were well received by the market and provide compelling investment opportunities.
"They are an excellent addition to Marathon's growing UK portfolio. We are also delighted to have secured such strong results for our clients enabling them to further their own portfolio repositioning strategy."