Plans for the vacant Grade II-listed venue – which was opened in 1845 and has been used as a cinema and nightclub – are yet to be finalised.
However, in Manchester City Council’s regeneration framework for the area, the site has been earmarked for a five-star hotel, which would provide additional accommodation for visitors to the nearby Manchester Central Convention Complex.
The Theatre Royal was also the subject of pre-planning discussions earlier this year, including designs by architect Roger Stephenson for a 25-storey hotel tower containing 270 rooms.
It was sold by Belfast-based Benmore Developments, which had also been in discussions with IHG for a sale.
Edwardian Group, London will now work with Manchester City Council and English Heritage in developing plans for the commercial use of the site, which will include restoring elements of the building.