Two of Birmingham's best-known hotels have been bought by a Singaporean group as part of a £363 million deal.
Malmaison, at The Mailbox, and Hotel du Vin, in Church Street, have been acquired from an affiliate of KSL Capital Partners by Frasers Hospitality UK, part of the Singapore-based Frasers Centrepoint group.
The Malmaison and Hotel du Vin chain operates a total of 29 properties across the UK in 25 cities including Manchester, Aberdeen and Bristol.
Mr Lim Ee Seng, group chief executive of Frasers Centrepoint, said: "(Our) strategy remains focused on achieving balanced growth across asset classes and diversifying our earnings profile.
"This acquisition is important as it doubles our offerings in Europe to about 4,000 keys and it propels Frasers Hospitality to be one of the leading hospitality players in this market."
Both Malmaison and Hotel du Vin have enjoyed average occupancies of more than 80 per cent for the last three years.
Frasers Hospitality chief executive Choe Peng Sum added: "MHDV provides a tried and proven DNA in the boutique lifestyle segment for us.
"The purchase of Malmaison and Hotel du Vin perfectly complements our brand portfolio and gives Frasers Hospitality a platform to expand into the fastest growing hospitality sector.
"We look forward to building on this success with future development in the UK, Europe and Asia."
Barclays Bank and Standard Chartered Bank are the joint financial advisers to Frasers Centrepoint.
