The historic Legacy Falcon Hotel in Warwickshire is set to undergo multimillion-pound refurbishment after being bought out of administration.
St James's Hotel Group has acquired the four-star hotel from Grant Thornton, the administrators of Noblelarge Ltd.
The hotel in Chapel Street, Stratford, has a frontage dating back to the late 15th century and benefits from being close to the Royal Shakespeare Theatre but has suffered from a lack of investment, according to its new owner.
It has 83 bedrooms, seven meeting rooms, two restaurants and bars and a 120-space car park.
St James's Group said it intended to invest up to £6 million to refurbish the hotel completely, including the installation of air conditioning in all bedrooms, during the course of next year.
The hotel was previously managed by Legacy Hotels and the new owner said it would retain all the current management and staff and expected to add to the payroll upon completion of the refurbishment.
Managing director Shaun Robinson said: "We are very pleased to have been able to acquire The Falcon which is a part of Stratford's heritage.
"It has suffered from a lack of capital investment over the past few years but, with a combination of some significant refurbishment, rebranding and committed management, we are confident of returning it to its former glory while providing up-to-date accommodation for our guests."
St James's was established by the Somerston Group earlier this year and acquired the Forestdale portfolio of 14 unbranded, three-star hotels in across England in March.
