As part of a plan to shift its focus to larger sites the hotel group has sold the 42-room Priest House Hotel in Derbyshire to Norton Motorcycles CEO Stuart Garner for £3.25m.
The chain has also put the 28-room Seiont Manor Hotel in Snowdonia on the market for £2m.
Hand Picked hotels chairman Julia Hands said the company was hoping to expand outside of its Midlands heartland.
She said: “The Priest House is an attractive property in a lovely setting. However, we do have a concentration of hotels in the Midlands, with gaps elsewhere geographically which we would like to fill.
“We are keen to add additional slightly larger hotels to the Hand Picked Hotels collection and we continue to search for hotels in strategic locations across the UK.”
The move follows losses at the company falling from £9.1m to £3.9m in 2014 due to increased occupancy and higher room rates, while turnover for the year to 27 November 2014 rose from £58.1m to £60.2m.
The company has been loss-making for several years and owes £11m to Mr Hands and £14m to Mrs Hands, according to the Mail on Sunday.