The Cosmopolitan hotel in Leeds has been sold to the newly formed Belfont Hotels, becoming the first property of what the owners hope will grow to a nationwide portfolio.
Belfont, a joint venture owned by the Thakerar and Dhamecha families, bought the 89-bedroom property, incorporating ground-floor bar and restaurant, from Peel hotels for an undisclosed sum.
Keval Thakerar said: "Leeds city centre generates such strong corporate and leisure demand across the year and, once our investment has been undertaken, we will have one of the best hospitality venues in the city."
Akshay Dhamecha added: "The Cosmopolitan is a landmark building in the heart of the city and with further investment to the hotel, we are confident the hotel will be very popular. We are glad to have Countrywide Hotels as our management team where their experience has proved paramount."
Peel hotels said it had decided to sell the property to focus on its remaining seven hotels across the UK.
The sale was brokered by Christie & Co. Head of hotels brokerage Jeremy Jones said: "When we launched the Cosmopolitan to the market earlier this year, we received a huge response from a whole range of parties. To be announcing the sale of such a substantial hotel at this time is evidence of the very real activity Christie & Co is seeing across the whole of the UK."