The 18-strong hotel group is set to open the four-star, 179-bedroom hotel in the next few months after signing a deal for a 99-year lease on the property.
It will reopen under franchise from a major international operator, details of which are expected to be announced soon.
The Newcastle Airport Hotel will be the fifth Newcastle property for CHG, which operates 16 independent hotels in London, the north of England and Scotland, plus two Holiday Inns.
The group also runs several food and beverage businesses in Newcastle’s Jesmond district, incl;uding Bar Berlise, Spy Bar and Fratello’s Bar & Restaurant, the latter of which is expected to be launched in the Newcastle Airport Hotel.
Peter Saville, administrative receiver at restructuring specialist Zolfo Cooper, which took over the operation of the hotel when developer Rockstock Investments went into administration, said the hotel’s large food and beverage facilities made CHG a perfect choice for its operation.
"We ideally wanted to secure a hands-on operator with experience successfully running not just hotels, but also independent bars and restaurants in the local market," he said.
Aran Handa, director of CHG, said: “As a family business based in Newcastle we have watched this very well located hotel coming out of the ground for the last few years. We are now absolutely delighted to acquire it, and look forward to finishing it off and finally getting it open to the public.”
Investment banking specialist HVS Hodges Ward Elliott represented Zolfo Cooper in the deal.
CHG also plans to open two further Holiday Inns in the near future.