The Lowry Hotel in Chapel Wharf, Salford, has been bought by Westmont Hospitality Group and investment partner Mount Kellett Capital Management for around £45m.
The Lowry, which is a four-star hotel which opened in 2001 with 158 rooms and seven suites, will undergo a refurbishment programme following the sale.
The hotel's existing executive team will retain responsibility for day-to-day management and the hotel will remain part of the Leading Hotels of the World collection.
The property was first put on the market by owner Rocco Forte Hotels in 2007, before being taken off in 2013. It is understood that the building failed to meet the initial £50m asking price.
Westmont Hospitality Group, formed in 1975, has alliances with many hotel brands, including Intercontinental, Fairmont, Leading Hotels of the World, Hilton and Marriott with hotels in cities including London, Paris, Barcelona and the Cote d'Azur.
Christier & Co acted for Rocco Forte.