Nottingham's Lace Market hotel which closed last month after going into administration is to reopen in the autumn under new ownership.
The Higginson family which owns most of the property have bought the remaining part and plan to spend £1.5m on refurbishing the hotel, according to the Nottingham Post.
The 42-bedroom Lace Market hotel was previously run by Finesse Hotels, which owned part of the building containing the Cock & Hoop pub and 13 of the bedrooms. They leased the rest of the property from the Higginsons.
John Higginson told the Nottingham Post: "We face a Herculean task and a race against time to get the hotel up and running again. We don't want to see its legacy evaporate."
His brother David added: "It needs a lot of hard work and energy to get the hotel up and running in three months.We want to return the Lace Market Hotel as one of Nottingham's premier hotels again, catering for celebrities, many of who play down the road at the Ice Arena and who should be ambassadors for the city."