The three-AA-star, 108-bedroom Nottingham Gateway hotel has been sold to Exceptional Hotels and Resorts, off an asking price of £4.5m.
It was one of three hotels previously owned by Life Hotels, which into administration. The two other hotels - Russ Hill, near Gatwick, and Palms Hotel in Hornchurch, Essex - have already been sold.
Exceptional Hotels and Resorts plans to refurbish the hotel.
Philip Gibson, partner at Edward Symmons Hospitality & Leisure, which handed the sale, said: "The Nottingham Gateway attracted considerable interest as it offered an exciting opportunity to develop and expand an established business."
By Janet Harmer
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