Bespoke Hotels has bought the 111-bedroom Park Inn in Sheffield and will rename it the Sheffield Metropolitan.
The property was bought out of administration from Ernst & Young acting for Royal Bank of Scotland.
Hotel manager Ian Slater, who has been with the property since 1999, will remain at the hotel along with all former Park Inn employees.
Bespoke will now commence on refurbishing the property, something that is estimated over two years. Public spaces will be refreshed as well as the creation of a contemporary brasserie-style restaurant and bar. The hotel's frontage and associated petrol station will also be revamped.