A NEW Forest hotel has been purchased by an overseas investor after going on the market for the first time in 21 years.

The three-star Penny Farthing in Romsey Road, Lyndhurst, has been bought by Middle East-based Ymat Investments for an undisclosed sum.

It comes just days after the demise of nearby Lyndhurst Park Hotel, which has closed with the loss of 21 jobs.

The Penny Farthing, rated the top Lyndhurst hotel on TripAdvisor, has been sold in a deal handled by leisure property specialist Fleurets.

A spokeswoman refused to say if Ymat had paid the asking price of £1.5m but said that Fleurets was “very happy” with the outcome of the sale.

She added: “The property is situated in the heart of the New Forest National Park.

“It’s a profitable, well-established AA Metro Hotel with a turnover of £390,000 net per annum.

“We are confident the new owner will continue running the hotel with success.”

The previous owner was Mark Saqui, who bought the building in 1993 after being made redundant and expanded the business by buying some of the neighbouring properties.

Last year the 49-year-old father-of-two announced that he was selling up and pursuing his ambition to travel the world with his wife Jane.

The hotel includes two three-bedroom apartments, 21 en-suite guest rooms and a 40-cover restaurant.

Formerly the Forest Gardens Hotel and the Rushes Restaurant, the building had been empty for two years when Mr Saqui bought the property.