A hotel in Nottingham that has been at the centre of a purchasing saga over the past few years has finally been bought by private investors who plan to transform the property into a boutique showstopper.
The Lace Market Hotel was once a landmark hotel, popular with celebrities during the boom, but fell into financial difficulties during the recession and went into administration last May.
It was bought by new owners from South Africa a year ago who struggled to redevelop the property being based overseas, and put it back on the market in March this year.
The hotel has now been bought by two unknown private investors from London, who is working with management company, Compass Hospitality to bring the property back to life.
Compass Hospitality is based in Bangkok and runs hotels in Thailand and Malaysia, as well as a handful of UK properties in Cardiff, Cheltenham, Shrewsbury, Eastbourne and Halifax.
The company is working on building up its presence in the UK and this latest acquisition will add to its growing portfolio.
The hotel already has a general manager, Denny Keane and new head chef Ben Chaplin, and is gearing up to launch at the end of this month.
New chef Chaplin has experience in kitchens run by Michelin-starred chef Aiden Byrne and with Malmaison.
Keane explained to the Nottingham Post that the hotel will be quirky and the bedrooms will be designed with a look similar to The Zetter in Clerkenwell, a business that is an inspirational model for the boutique hotel.
Work is now nearing completion on the project, which will see a 42-bedroom hotel with restaurant launch before the end of the year.