The 111-bedroom Sheffield Metropolitan hotel is to be rebranded after being sold by the Royal Bank of Scotland (RBS) to the London Town Group for around £2.5m.
Founded in 1988, the London Town Group now owns and operates seven hotels, operating under various brands including Mercure from AccorHotels, Quality and Days. Four of the hotels are located in London. A spokesperson for the company said that it was considering a number of different brands for its latest acquisition.
The 10-storey Sheffield Metropolitan includes a brasserie-style restaurant , large bar, and meeting room for up to 40 people. The property is set to benefit from Sheffield City Council's plans to invest £3.6m in regenerating the surrounding business district.
Koolesh Shah, managing director of the London Town Group said: "The Sheffield Metropolitan Hotel is an ideal fit for our expanding regional portfolio with existing hotels in Nottingham and Derby. We intend to refurbish the hotel and brand it with a major franchisor."
RBS bought the Sheffield Metroplitan out of administration for an undisclosed sum in 2012. The property previously traded as Park Inn but it was de-branded when Bespoke Hotels took over the hotel's management in 2013.
The hotel was sold by Colliers International.