It is the seventh of the final ten properties in The Hotel Collection, previously known as Puma Hotels, to be sold by its owners Lone Star.
Built in the 19th century, The Imperial is one of Blackpool’s most recognisable buildings and served as a hospital for shell-shocked officers during the First World War.
Now a four-star hotel, it features a restaurant, bar, health club and conference rooms for up to 600 delegates.
The sale follows Fragrance Group’s bid to acquire the grade II listed Municipal Building in Liverpool this month, which it aims to transform in to a four-star hotel.
Martin Rogers, head of UK hotel transactions at Savills, which represented The Hotel Collection, said: “We are pleased to have secured a new owner for The Imperial Hotel...[its] prominent beach-side position with spectacular sea views and four-star status ensures it is popular with tourists and business bookings alike.”
The Imperial Hotel in Torquay was the first of the 10-strong Hotel Collection portfolio to be sold last year, to the Brownsword Hotel Group.
It was followed by the sale of a further five hotels, including The Old Ship in Brighton, to North East hotel and bar operator Cairn Group for £75m in November.
The remaining properties for sale are The Billesley Manor Hotel in Stratford-upon-Avon, the Shrigley Hall Hotel, Golf and Country Club in Macclesfield and the Aberdeen Altens Hotel.