Hotel reservations agency Expotel has bought Coventry's Lady Godiva Hotel for an undisclosed sum, understood to have been about £1m.
The property was formerly part of small group Pagent Hotels, but Expotel said it was purchased from a company called Heathcote Ventures. It refused to divulge the relationship between Pagent and Heathcote.
The hotel has now closed for a year to undergo a £2m refurbishment.
The 106 bedrooms will be transformed into 82 en suite double, twin and family rooms. A new reception, foyer, restaurant and car park will be created and the conference facilities upgraded.
Around 5,000 bednights booked at the Lady Godiva have been switched to other hotels. Most staff have also found jobs in other hotels in the area.