The landmark Lace Market Hotel in Nottingham—which closed during the global financial crisis—has been purchased after six months on the market. New South Africa-based owners announced plans last year to reopen the hotel, but put it up for sale in March this year for an estimated £3.8 million as an unfinished project, saying they were unable to manage the redevelopment from so far away.
According to the Nottingham Post, the hotel has now been bought by two private investors from London who have brought in a specialist hotel management company to get it up and running again by the end of October.
While the investors are still anonymous, Bangkok-based Compass Hospitality, which runs hotels in Thailand and Malaysia, has been tapped as the management company. It is also building up a presence in the UK, with the Lace Market Hotel joining a group which also includes establishments in Cardiff, Cheltenham, Shrewsbury, Eastbourne and Halifax.
Contractors are on site finishing off the refurbishment work at the 42-room hotel, which will also include a restaurant and the adjoining Cock & Hoop pub.