ONE of Cheltenham's most prestigious hotels has been bought by a mystery owner after going into administration earlier this year.
The Hotel on the Park in Pittville, which offered stays from £185 a night, had carried on trading since being forced to call in administrators in February.
A buyer for the Evesham Road hotel has now been found and it has closed its doors for an expected refurbishment.
The new owner, described as a local businessman, was said to have paid the purchase price for the 12-bedroom hotel.
It was placed on the market for £2.6 million last year, when its financial woes began.
Peter Brunt, from Colliers International, who oversaw the sale of the hotel, said: "The new owner has another hotel business in the town and is aiming to add bedroom stock to that business and treat The Hotel as a bed and breakfast annexed to a larger restaurant and bar with rooms operation."
The grade two listed hotel, which dates back to the 1830s, recently underwent a complete refurbishment and has a 42-seat restaurant, Parkers.
Mr Brunt added: "The hotel retains many original features with numerous opportunities for exploring the legendary shops or further afield in the Cotswolds.
"Hotels of this standard remain in very short supply in Cheltenham and the Cotswolds and this is a tremendous location.
"I expect the hotel will be back to its peak very shortly under new management.
"The business closed shortly before completion of the sale and I expect a high-quality refurbishment will precede the re-launch of the business as one of the very best small hotels in the town."
The hotel employed nine people. Its website says it had stopped trading following the sale of the property.
It added: "It is the purchaser's intention to re-open the property as a different type of hotel and restaurant offering in line with their growing business in the area after a refurbishment project has been completed."
Mr Brunt previously told the Echo the high-end boutique hotel had been struggling during the recession before the administrators, Duff & Phelps, were called in.
The business was taken over in 2008 by Benjamin Bowen.
