The family-run Cottage Hotel overlooking Hope Cove and Bigbury Bay has been sold.

It had been owned by the Ireland family for more than 50 years and, although the sale price hasn’t been revealed, the guide price was £8m.

The sale was concluded in an off-market deal.

The purchase also includes a staff house and two luxury apartments set in approximately three acres of land.

The hotel has been bought by Beach Barefoot Hospitality and it will become a luxury waterfront venue.

Independent hotel broker Simon Stevens of Simon Stevens Associates and director of commercial property at the agency Charles Darrow, Jon Clyne were joint agents for the family.

Simon Stevens said: “This outstanding hotel has a rich history and an impressive, long-standing reputation, making it highly attractive to the purchaser.

“The hotel industry has enjoyed a buoyant summer season, encouraging investment into the sector with credible buyers seeking new opportunities.

“We would welcome any approach from other hoteliers considering their future plans and wanting confidential marketing advice.”

Jon Clyne added: “This is an extraordinary property, nestled in one of South Devon coast’s most breath-taking locations, with uninterrupted sea and coastal views.

“Beach Barefoot Hospitality has very clear plans to capitalise on this superb setting for the luxury market, and we look forward to seeing that investment progress.”

The hotel has 45 bedrooms, spacious public areas, a seasonal bistro, ice cream parlour and art studio.

It went up for sale as a result of a second-generation retirement sale by the Ireland family.

The family have owned and operated the Cottage Hotel since 1973.

The hotel’s website says they offer: “Rooms and a restaurant with impressive sea views, easy access to the beach and cream teas on the terrace.

As one of South Devon’s best positioned seaside hotels, The Cottage has been welcoming guests for over 90 years.”

The new owners are planning further investment in the property which they plan to reposition as a waterfront luxury venue.