The Chrysos hotel in London's Paddington has been sold to the France-based Touriste Collection for a figure in excess of the £17m asking price.
The Touriste Collection, which owns three hotels in Paris, is looking to expand its portfolio in the UK and plans to extensively upgrade and modernise the hotel as well as increase the number of rooms.
The hotel, which was established more than 25 years ago, consists of converted Georgian properties. The previous owners, the Souglis family, originally acquired one building before purchasing the neighbouring property 10 years later.
Andrew Evangelou, director at Christie & Co, who handled the sale, said the hotel generated "tremendous interest from both UK and overseas buyers".
Jeremy Jones, head of brokerage (hotels) at Christie & Co, added: "We had a whole range of competitive interest in the Chrysos hotel from both domestic and overseas buyers. Despite the very real market challenges at the moment, we are delighted to announce this important sale, which underlines the continued global appeal for London hotels."
The Touriste Collection's portfolio includes Hotel Bienvenue, Hotel Beaurepaire and Hotel Panache in Paris. The group was founded in 2008 by Adrien Gloaguena.