Birmingham's 250-room Paragon hotel has been sold to a foreign investor off an asking price of £6m.
The Grade-II listed builsing is set for a transformation following the deal. It has been acquired by Namir El Alakbi and was sold by administrator BDO after both Paragon Hotel (Birmingham) Ltd and Paragon Birmingham Ltd went into administration.
Gavin Wright, director of Christie + Co, which arranged the deal, said: "This imposing Victorian Gothic building was previously part of the Dhillon Hotels group, and generated enormous interest resulting in a highly-competitive, ‘best and final', offers process. We understand that the new owner plans to breathe some further life into this fine hotel with a full refurbishment, which should guarantee its success well into the future."