Principal Hayley has rescued the New Connaught Rooms from administration.
The acquisition comes after the London venue's previous owner, The Real Hotel Group, was placed into administration earlier this year.
Principal Hayley plans to carry out a £7m refurbishment of the New Connaught Rooms in July and August, then relaunch the venue in September under the name The Grand Connaught Rooms.
In a separate deal, Principal Hayley has also acquired The Glasgow Central Hotel.
The hotel and conference venue group plans to completely overhaul the property and add 30 bedrooms. It will reopen in February next year as The Grand Central Hotel.