An apart-hotel in Birmingham’s Jewellery Quarter has sold for £21 million.
Staycity opened in Charlotte Street in February after experiencing several months of delays.
The 170-bedroom building has been acquired by Knight Frank Investors from RO Group which led the redevelopment of the site, including the former science museum.
It was developed at a cost of around £17 million.
Richard Bourne, head of RO Real Estate, said: "The sale in Birmingham places us in an extremely strong position with significant cash resources, enabling us to move quickly and take advantage of new opportunities as they arise."
Edward Rowlandson, managing director of RO Group, added: "Our experience in Birmingham can perhaps be seen as a microcosm of the recent economy as a whole with its various ups and downs.
"The team have worked extremely hard to overcome the various challenges, finding solutions to problems and eventually concluding on the sale of this high-quality asset.
"With the additional resources the disposal has provided we look forward to acquiring new assets."
Property consultancy Colliers International advised RO on the sale.
