Burgh Island and the hotel has been sold for an undisclosed sum.

The new owners plan to retain its world famous and award-winning 1920s genre.

But they are promsing improvements, such as a private members' club and spa, as well as other planned initiatives yet to be unveiled.

Marechale Capital announced that it acted as adviser on the acquisition of the hotel, calling it one of the UK’s most "iconic and exclusive art deco island retreats that has an unrivalled history and heritage".

The Marechale investment group, alongside lead investor Office Space in Town, will take over the iconic Grade II-listed hotel and the island’s pub, the Pilchard Inn, which was established in 1336, and also become the new owners of the island, which has long been an important part of Devon's coastline.

Hospitality specialist Duncan Gray, founder and managing director of Bluehone Capital, and operations director Penny Brown and her team from Inn-Telligence, a hotel management group, will oversee the hotel’s forthcoming multimillion pound renovation.

Giles Fuchs, co-founder and CEO of Office Space in Town, said: “We are extremely excited to acquire Burgh Island, including its iconic hotel, which has been one of Britain’s most distinctive destinations for almost a century. 

"Over the years it has attracted a cultural tapestry of visitors and played a unique part in the country’s history. 

"OSiT has an exceptional track record for delivering outstanding design and quality of service in its portfolio of serviced offices, and we look forward to extending this expertise into the premium leisure and hotels markets.

"The restoration of Burgh Island Hotel to suit modern tastes will be our first project. 

"Luxury tourism in Britain is booming, and we are delighted that our first investment in this sector will serve to enhance and ensure Burgh Island continues as a leading high-end travel destination.

"Once again, the Burgh Island Hotel will be known as it was in the fifties, as ‘the best hotel in the UK west of the Ritz’."

Patrick Booth-Clibborn, founder and CEO of Marechale, said: "We are delighted to have worked closely with Duncan Gray, OSiT and Penny and the Inn-Telligence team in structuring, advising and co-funding the purchase of Burgh Island.

"This is the ninth luxury hotel asset we at Marechale have helped structure and finance in the UK, Ireland and Europe in the last six years. We are particularly excited to be part of this iconic hotel’s redevelopment with its unique blend of island location, history, service."

The hotel and island were bought from Deborah Clark and Tony Orchard.

They were married there in May 2001 and loved the place so much they bought it in October the same year.

A couple said in a statement they had turned the hotel and its environment into a thriving example of the English seaside at its glamorous best.

The statement added: "With its mix of authentic pre-war architecture, interiors and even lifestyle, Burgh Island has always attracted guests looking for something a little different.”

But Deborah said: “Businesses and buildings are like people. They need to keep evolving and adapting. We took the decision that we could either stay with Burgh for another 10 years and see this beautiful project into the next phase of its history, or sell responsibly. We chose to hand over the legacy of Burgh Island to a new custodian.”

Deborah and Tony want to bring the passion they brought to Burgh Island to Southernhay House, the boutique townhouse, restaurant and bar they formulated, designed and opened in the centre of Exeter in 2011.

Tony said: “Southernhay House is a different proposition. At Burgh Island our desire was to restore the elegance and glamour of the 1930s, working with the all-important historic narrative and defining architecture of the place. It has been a fabulous story and we’re so proud of our achievements and our loyal staff.

"It’s been a significant journey, for us and for the key people we’ve worked with during our ownership. Our passion is to create business in beautiful buildings, making them pay for their upkeep and flourish. In Southernhay House, we see a contemporary hub in a building that has been a social centre since the early 19th century.”

Stephen Page and Partners acted on behalf of Tony Orchard and Deborah Clark and Stephen said it was "a privilege to sell the only private island with a hotel on the south coast”.

For further information, contact Stephen Page & Partners: www.stephen-page.co.uk