A RIVERSIDE York hotel has been put on the market with a price tag of £20 million plus.

The three-star Park Inn by Radisson, in North Street, on the southern bank of the River Ouse, is being sold by LR (York) Ltd.

The sales comes amid a five-year, £9 million refurbishment programme at the hotel, which is being undertaken by operator Park Inn.

Alongside the hotel's 200 rooms, the sale includes the 25-year operational lease with Park Hotels Management, which still has almost 16 years remaining.

Sally Hughes, general manager at Park Inn by Radisson York City Centre, said: "It's very much business as usual for us. We are now well on the way with a five-year £9 million improvement programme, having recently completed a £500,000 upgrade of bedrooms, meeting and conference facilities and a new restaurant.

"We will also upgrade a further 110 rooms at the end of this year.

"With this investment in facilities alongside improved broadband connectivity, we are very much committed to offering guests, including businesses near and far, an enhanced visitor experience."

Originally built in 1969, the seven-storey hotel has undergone a number of refurbishment programmes, most recently in 2009 and 2012.

Part of the hotel is located over an adjacent building, known as Riverside Block, with the hotel operation also including a PACE health centre and parking facilities for up to 90 cars.

The hotel is being marketed through Colliers International, which was instructed by LR (York) to seek offers in excess of £20 million.

Julian Troup, head of UK hotels at Colliers International, said: "York is a key UK hotel market, with its strong regional business centre and reputation as a popular leisure destination and university town.

"Restrictions on new development, due to the city's historic nature, have ensured that demand and occupancy rates have remained high for hotels in York.

"This, coupled with the continuing strengthening of the UK provincial hotels market as a whole, means that we expect hotel trading performance in markets like York to continue in their ongoing recovery."

The hotel was recently crowned Park Inn by Radisson Hotel of the Year, beating off competition from more than 130 hotels across Europe, the Middle East and Africa.