London's Blakes hotel has been rescued from administration in a £20m deal.
The hotel, which was created by designer Anouska Hempel, has been bought by Apostrophe owner Meir Abutbul and hotelier Navid Mirtorabi.
The pair have expressed interest in expanding the brand internationally, with Hempel involved in overseeing an extensive refurbishment of the 51-bedroom property.
Finance for the deal was provided by Barclays Corporate.
Blakes was acquired by buy-to-let firm GuestInvest in 2007 but plans to adapt it to the firm's model never happened, with GuestInvest being placed into administration in October 2008.
Mirtorabi purchased the freehold interest to the Regents Park hotel in London in 2007, while Meir has built café concept Apostrophe up into a 16-strong chain and also has other hotel interests.
By Chris Druce
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