The Orbital Plaza near the M6 toll road in Cannock, which comprises a Ramada hotel, has been acquired by London-based investment firm Nine Hospitality Management.
Former owners Pritchard Group went into administration in 2012 and had been looking for a buyer.
A spokesperson for Nine Hospitality said that the company intended to make the "iconic" building, which had become "a bit tired", more "fresh". She also confirmed that there were plans to extend the opening hours of the "Sky lounge", on the top floor, to make it more attractive for locals and businesses to use in the evenings.
The surrounding Plaza facilities also include offices, a day nursery and crèche, a day spa and two restaurants.