Jasminder Singh, chairman of Edwardian Group, has bought Manchester's Radisson Edwardian Free Trade Hall out of administration.
Singh paid an undisclosed sum to insolvency practitioners Grant Thornton to buy the building, following the collapse of previous owner Free Trade Hall Hotel Limited, which went into receivership in August this year. Specialist leisure sector agents Christie & Co acted for Grant Thornton. Free Trade Hall Hotel was a subsidiary of Manchester-based Peterloo Hotels.
Edwardian Group have operated the 263-bed hotel under the Radisson Edwardian brand since its launch in 2004 and had a long-term contract in place.
Singh, who secured funding from HSBC to complete the deal, said in a statement that the deal "guarantees jobs and continued quality of the hotel's offering."
Matt Dunham, joint administrative receiver and partner at Grant Thornton UK LLP, said: "Securing a sale of the hotel is a fantastic result in the current economic climate. We received a strong response to our pre-marketing process, but are delighted to have agreed a sale to Edwardian. The group already has significant experience of managing this superb five-star hotel and we anticipate it going from strength to strength under their expert stewardship."
Paul Mansi, chief operating officer of the Edwardian Group, said: "The purchase of the Free Trade Hall in Manchester brings the hotel under the full control of the group which ensures that the quality and the future of the hotel is both safe and sure to continue in its increasingly popular position. We have bold and ambitious plans for the hotel which will be unveiled in the coming months. Suffice to say that these changes will delight our strong and loyal guests in the area and will reflect our Manchester heritage."