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A popular hotel in Warwickshire has been put on the market with an asking price of about £3.9m.

Colliers International has been instructed to sell the freehold investment in the Charlecote Pheasant Hotel, near Stratford-upon-Avon.

The property, which is located in the village of Charlecote, is leased to Shearings Hotels on a 22-year unexpired lease at an annual passing rent of £350,000.

The commercial property agency has been instructed by a private investment client. Offers are being sought in the region of £3.9m, reflecting a net initial yield of 8.45 per cent.

Charlecote Pheasant Hotel was originally built in the 18th century by the then lady of the manor, Mary Elizabeth Lucy. The property has been added to in recent years and today comprises 69 en-suite bedrooms, a restaurant and bar, seven conference suites and five meeting rooms.

Within the hotel's nine-acre grounds there is also an outdoor swimming pool, children's play area, tennis court and a 120-space car park.

Paul Barrasford, a director in Colliers International's hotels team, said: "As an investment opportunity, Charlecote Pheasant Hotel ticks all the boxes. The property generates an excellent level of return, which is set to increase with annual RPI uplifts from 1 July 2013, and has a strong covenant in Shearings Group Ltd, one of the UK's leading hotel operators.

"The asking price of £3.9m reflects a very attractive net initial yield of 8.45 per cent and we are anticipating considerable interest in the property."

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