The 57-bedroom New Northumbria hotel, near Newcastle-upon-Tyne, has been purchased by a private individual for an undisclosed sum, from administrators Ernst & Young.
Located in Jesmond, to the north of Newcastle, the property was formerly owned by WG Mitchell, the Northern Ireland-based property company owned by brothers Patrick and Hugh Hegarty.
Ernst & Young was appointed as administrator to 28 of WG Mitchell's 75 companies in April 2009.
The hotel has two restaurants, Scalini's Jesmond and Louis' restaurant, as well as two bars.
"We are delighted to have secured this long established hotel, which has generated an admirable reputation, for our client," said Kerr Young, associate director at Christie + Co, which handled the sale on behalf of the purchaser.
"We believe that the mid-market hotel sector currently offers fantastic long-term investment opportunities."
By Janet Harmer
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