The Russell House Hotel on London's Russell Square has been sold to a group of Hong Kong-based investors.
Having owned and operated the 11-bedroom hotel since 1979, the Chiesa family has decided to sell the hotel to retire, completing the purchase by way of share transfer, off an asking price of £3.5m.
The new owners plan to completely refurbish the townhouse and reposition it in the market as a boutique-style hotel.
The four-floor property has a Grade II-listed façade and a 20-cover breakfast room, and is located adjacent to Russell Square underground station.
Andrew Evangelou, director at Christie & Co, handled the sale. He said: "The hotel attracted a lot of interest especially from overseas buyers looking to invest in a hotel so well located. The new owners saw the huge potential to transform the business and plan to invest further in it to create a boutique style venue, taking advantage of the demand for hotels of this kind in the area."