Llangollen Hotels' The Wild Pheasant hotel in Llangollen, North Wales, has been bought out of administration by London-based investor Asif Siddiqui.
Siddiqui, who bought the hotel more than a year after it was placed into administration by KPMG, intends to employ a management company to run the property on his behalf, according to property agents Colliers International.
Neil Thomson, associate director in the hotels department at the Manchester office of Colliers International, said the hotel had continued to trade profitably under a management company instructed by administrators
“The Wild Pheasant Hotel has firmly established itself as one of the area’s leading commercial hotel venues popular with corporate, tourist and leisure markets," he said.
"It clearly demonstrates the strength of the market place for good quality, profitable hotel assets and despite popular belief, highlights the banks’ continued appetite to lend within the hospitality sector.”
The 46-bedroomed Wild Pheasant was one of four hotels owned by Stephanie and David Booth's firm Global Investments Company before it collapsed into administration on 8 July 2011 after its debts ran out of control .
Its sale follows those of the nine-bedroom Bodidris Hall near Wrexham to private owners last year and The Chainbridge, also in Llangollen, to Surrey businessman Seamus O'Keefe two months ago for £500k.
Following the sale of the 36-bedroom hotel The Chainbridge, which takes its name from its close proximity to Llangollen's famous chain bridge, O'Keefe said he was planning to make improvements to the property.
“He plans to invest and develop the business over the coming months and transform this lovely riverside site into a top destination hotel and restaurant," said Thomson.
The final freehold hotel which went into administration - Bryn Howell in Llangollen - remains trading under administrators and is yet to find a new owner.