The property is being bought by the Israeli-based Fattal Hotels Group and Sweden’s Pandox hotel investment firm, which together purchased the Jury’s Inn chain for £800m last year.
The 312-room hotel will keep its name after the sale, though its new owners are planning to invest £11m in renovation works.
It will also join the Leonardo Hotels group, which is owned by Fattal and has over 180 properties in major European cities.
“This fantastic acquisition of Manchester’s Midland Hotel represents a huge step forward in our ambitious growth strategy in the UK,” says David Fattal, CEO of Fattal Hotels Group.
The Midland first opened in 1903 and is home to The French, which was originally launched by Simon Rogan in 2013 before being taken over by Adam Reid last year.
It holds three-AA-Rosettes and was ranked the 13th best restaurant in the UK in the 2019 Good Food Guide.
The hotel also houses the two-AA-Rosette Mr Cooper’s restaurant, a bar, tea room, 14 conference and meeting rooms, a spa and gym.