The Paragon Hotel in Birmingham is in line for redevelopment after being bought from administrators BDO by an Iraqi investor.
The 250-room Grade II-listed hotel was bought for around £5m by Namir Al Akabi.
Al Akabi, who is reportedly worth £1.3bn, built up the Baghdad-based Almco group of companies after the war in Iraq in 2003.
The property subsidiary of Almco, Amwaj International, completed the purchase of the Paragon.
Gavin Wright, director of Christie + Co, which advised BDO on the sale, said: “This imposing Victorian gothic building was previously part of the Dhillon Hotels group, and generated enormous interest resulting in a highly competitive, best and final, offers process.
“We understand that the new owner plans to breathe some further life into this fine hotel with a full refurbishment, which should guarantee its success well into the future.”
nick.whitten@estatesgazette.com