A London-based Cypriot businessman, Loucas Louca, has bought both of the Beetham hotels in Liverpool and Manchester out of administration.
Beetham Hotels Liverpool and Beetham Hotels Manchester were acquired from KPMG by Louca for an undisclosed sum last week.
Louca, 32, acquired the hotel businesses through Blue Liverpool and Blue Manchester, both new companies incorporated in October 2010. He is the only director listed for both companies.
Brian Green, joint administrator and restructuring partner at KPMG, said: "We are delighted to announce the sale of the businesses, with no disruption to day to day operations and no job losses. Hilton Worldwide and Radisson are continuing to manage the day to day operations at the iconic hotels in Liverpool and Manchester."
The buyer will be honouring all existing customer and supplier agreements and any queries should be directed to the hotels themselves.
Ian Corfield, Brian Green and Jane Moriarty of KPMG were appointed joint administrators to Beetham Hotels Liverpool and Beetham Hotels Manchester in February. Both businesses are property companies but are operated as hotels through management agreements with Radisson in Liverpool and Hilton Worldwide in Manchester.
Beetham Hotels Liverpool and Beetham Hotels Manchester have long leasehold agreements and therefore the appointment of administrators was over the hotel companies only, not the rest of the buildings.
Approximately 340 staff are employed at the Hilton in Manchester and around 80 staff are employed at the Radisson in Liverpool.