BUYERS of a Montpellier hotel have bucked fears of an economic slump by shelling out almost £1.8million for a spot in the centre of Cheltenham.
New owners have been found to take over the 16-bed Wyastone Hotel in Parabola Road.
Dripping in period features, the award-winning venue had been on the market since August.
Its previous owners pumped £330,000 into the property with renovations to encourage a quick sale.
And the plan has worked, with the revamp helping to bring in the buyer.
The new owners have not been named, but bosses behind the sale insisted that, with the hotel situated just a short walk from the popular Promenade, the hotel's future looks bright.
The Wyastone is the 15th hotel to be sold in the town by Cotswolds specialists Colliers International since 2001.
The firm's director of hotels, Peter Brunt, is delighted with the latest sale in one of Cheltenham's most prestigious locations and he insisted the location and extra work were both key in ensuring it was not on the market for long.
"Given the trying state of the market, any sale is welcome," he said.
"But the fact it sold in less than four months proves there is great demand for quality accommodation in the right places.
"This is a family-run hotel in the popular Montpellier district, very close to the best restaurants in town.
"The Wyastone is the perfect mid-sized hotel and with the Cotswolds a short drive away, it is ideally located for tourists and visitors who want to explore the region's villages and attractions."
Refurbishment began in 2007, with living quarters for the hotel owners one of the many areas to benefit from a makeover.
Major works on the roof and to enlarge the top floor area of the hotel were carried out in 2010 and 2011.
It sleeps 35, with bedrooms featuring a four poster bed, nine twin or double rooms, four single rooms and two family suites.
Each room has an en suite bathroom.
The hotel is a favourite base for visitors to the Cotswolds, horse racing fans or culture fans calling in to catch one of Cheltenham's many festivals.
Mr Brunt said the completed refurbishment had also improved the accommodation for staff living at the hotel.
It has been classified by Visit Britain as five-star guest accommodation and is one of only a few accommodation providers in Cheltenham with a silver award from Quality in Tourism.