The 24-storey, 319-bedroom venue fell into the hands of administrators Ernst & Young in summer 2011 after Hyatt Regency Birmingham Limited, a holding company owned by Gulsham Bhatia and her son Asif, failed to make loan repayments to Barclays.
Jones Lang LaSalle Hotels had been appointed to market the sale of the property which has been operated by Hyatt Hotels & Resorts under the terms of a third party management agreement since 2002.
"Hyatt has successfully provided management services for the hotel for many years and we are delighted that a Hyatt affiliate is once again the owner of this hotel, one of our key hotels in the United Kingdom," Michael Gray, area director for the UK and Ireland, said of the deal.
It is understood the Hyatt affiliate which has completed the purchase now intends to invest around £6m in the hotel.
The renovation will focus on improving its current facilities including the Amala Spa & Club, an indoor swimming pool and gym, the Aria Restaurant and Pravda Bar.
Exhibitions and conventions
The property, which contains a number of meeting spaces, also benefits from its links to the city's nearby exhibition and convention centres including a bridge directly linking it to the International Convention Centre (ICC).
"We believe that the hotel's excellent location and full range of services, event capabilities and dining options will continue to make this one of the city's very best places to stay and to hold an event, and we are very enthused about this investment in the property," Gray added.
He said he also expected improved transport links in the area to further increase the attractiveness of the city and the venue.