The Carmelite hotel in Aberdeen has been sold as a going concern out of administration to Concordia Hospitality.
Immediately following the appointment of Michelle Elliot and Stuart Robb of Leonard Curtis Business Rescue & Recovery Glasgow as joint administrators on 31 January, the hotel's business and assets, and the Carmelite brand, were sold as a going concern to Concordia Hospitality.
Administrators said the hotel will remain open and all 56 employees retained as a result, blaming the administration on the downturn in the oil and gas sectors.
Elliot said: "Unfortunately, the business experienced a significant re-duction in turnover over the last two years – principally due to the downturn in the oil and gas sector – which resulted in cash flow difficulties.
"However, I am pleased to confirm that, immediately after our appointment, a sale of the business and assets of the hotel was concluded."