The Schlössle Group, the hotel subsidiary of the Ober-Haus real estate company, comprises five hotels in Eastern Europe including the St Petersburg in Estonia and the Grand Palace in Latvia.
New owner, the Marbella Club, is part of Bursha Holdings, which appointed ex-Thistle Hotel boss Beverley King as managing director in January this year to lead an ambitious £70m expansion.
Schlössle was sold on behalf of two Norwegian private equity funds by the hotel and leisure unit of London law firm Maxwell Batley.
Fraser McColl, corporate partner at Maxwell Batley, said: "This disposal illustrates the burgeoning market in real estate and hotels in the Baltic states, and represents the most significant transaction to date at the high end of the leisure market."
By Alix Young