The home of the Radisson Blu hotel in Birmingham city centre has been bought out of administration.
Beetham Hotels Birmingham is part of Liverpool-based Beetham Organization and was placed under the control of administrators from KPMG in late 2011.
The company held the leasehold of the hotel, which consists of 211 rooms and suites, the Filini restaurant, two bars and flexible meeting and event space.
It has been acquired in an undisclosed deal by property development business Royal Gulf which is owned by the Dubai-based real estate business Select Group.
The sale of the 39-storey city centre hotel, which has continued to trade throughout the administration process, was brokered by the commercial property firm GVA.
Joint administrator Paul Flint said: "We are pleased to announce the sale of the business, after trading the asset profitability for over three years and retaining its position as one of Birmingham's premier hotels.
"The hotel, which has 74 employees, continues to be managed by Rezidor Hotels UK."
Mr Flint, Brian Green and Mark Orton, from KPMG, were appointed as joint administrators of Beetham Hotels Birmingham on December 2, 2011.
GVA acted as adviser to the administrators on the sale.
James Williamson, director at GVA, said: "We are pleased to have advised on the sale of the hotel to a well-funded purchaser keen to invest further in the property and retain the existing management company.
"This is a focal property in central Birmingham that will benefit from an owner keen to work with the operator to maximise the business."