The Lace Market hotel in Nottingham is expected to finally open its doors at the end of October after being bought by London company Silvercloud Properties.
The 42-bedroom property on High Pavement went into administration in May last year. Although it was scheduled to reopen in the autumn of 2014 under new owners based in South Africa, it failed to do so.
The hotel was put up for sale in March this year as an unfinished project, after the owners said they were unable to manage the redevelopment from so far away.
The new investors are yet to reveal their identity but Compass Hospitality has been brought in as the management company.
The firm, which is based in Bangkok and runs hotels in Thailand and Malaysia, is also building up a presence in the UK. The Lace Market hotel will join a group which includes properties in Cardiff, Cheltenham, Shrewsbury, Eastbourne and Halifax.
The new senior team includes Denny Keane as general manager and Ben Chaplin as head chef. Keane has moved to Nottingham from the Sky City hotel in Auckland. Originally from Australia, he has also previously worked in the UK at the Abode Exeter with Michael Caines.
Keane said: "My first impression of the Lace Market hotel was that it was simply a stunning building and truly the iconic city landmark that had been described to me. I want it to realise its potential and restore its position."
Chaplin, originally from Nottingham, has worked at Malmaison in Leeds and with Michelin star chef Aiden Byrne at the Church Green in Lymm, where he was head chef.
He said: "I want to build a strong team around me and rebuild Merchants at Lace Market hotel as the best dining experience in the city, with a cooking technique that will be market leading."
The rooms, suites, restaurant and cocktail bar are all expected to be revealed at the opening following a total investment of almost £600,000 (including £300,000 initially invested by previous owners AG Higginson & Sons).
The adjoining Cock & Hoop pub will also be ready to open its doors with a new menu. The hotel expects to employ more than 40 people.
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