Four-star hotel operator QHotels has bought the Cheltenham Queens Moat House property for an estimated £19m.
The group will invest a further £3.5m to upgrade the property into a four-star deluxe, 120-bedroom hotel.
It will continue to trade throughout the refurbishment, which is due to complete by the end of 2006.
The deal takes QHotels' portfolio to seven, although it is also about to acquire its first Scottish hotel.
By Jessica Gunn
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