The 138-bedroom Hilton Milton Keynes has been sold to hotel owner and operator Bowling Green Asset Management (BGAM) for an undisclosed sum.
Newly named the MK hotel, the property is the fifth property within the BGAM portfolio and will be rebadged under a yet-to-be-revealed brand following an agreement with a global hotel company and a 12-month refurbishment.
The acquisition comes 14 months after the property was acquired by American private investment company Starwood Capital Group, as part of a seven-strong portfolio of Hilton hotels for £135m.
Jamie Levy, director at BGAM, said that the company had identified "a lot of growth potential in the hotel and area as a whole and the hotel will benefit immediately from rebranding and major rolling refurbishment programme".
The hotel is the third to be acquired by BGAM in the last 12 months and now sits alongside four sister properties: Holiday Inn, Kenilworth; Holiday Inn, Stonehenge; Holiday Inn Express, Leigh, Greater Manchester; and Tankersley Manor, near Sheffield, South Yorkshire.
The sale of the hotel was handled by Christie & Co.