Luxury Birmingham hotels Malmaison and Hotel du Vin have been bought by an American private equity firm following months of uncertainty and a financial crisis.
Colorado-based KSL has taken over the Malmaison chain, including the two upmarket city hotels.
In Birmingham, Malmaison is within the Mailbox complex, while Hotel du Vin is located on Church Street.
The sale cames four months after employees at the venues were rocked by an announcement from parent organisation MWB Group Holdings that it was to collapse into administration.
Its shares were suspended amid reports it had been unable to resolve a dispute with its subsidiary, the office space provider MWB Business Exchange, to which it was said to owe £8 million.
KSL has pledged to make “significant” investment in both hotel brands.
Malmaison chief executive Gary Davis said: “We are delighted to welcome KSL as the new owners of the Malmaison and Hotel du Vin brands and are excited to be working with them.
“They have recognised the significant potential in our business. Despite the wider challenging economic climate, we are proud of the strong operational and financial position that the hotels currently enjoy.
“Building on these foundations, we look forward to taking the dynamic brands onward.”