The investment group, which already owns hotels including Bath's Royal Crescent Hotel, the Glasgow Hilton, some Thistle Hotels and the Brighton Metropole, plans on creating a new brand for its extended portfolio.
Topland's purchase of Menzies saves 1,200 jobs and includes 12 hotels and Menzies' Bakum House head office in Derby.
However, three Menzies properties were not included in the deal, resulting in the loss of 155 jobs. The hotels, described as "unattractive to potential buyers" by administrator KPMG, are based in Swindon, Gatwick and Luton.
Rob Croxen, partner at KPMG and joint administrator, said: "[Unfortunately] the terms of the three leasehold properties proved to be unattractive to potential buyers. We will be assisting those affected employees in claiming redundancy payments from the Redundancy Payments Office."
Menzies properties that fall under Topland's ownership are mostly four-star, including the 18-bedroom Flitwick Manor in Bedfordshire, Menzies Aberdeen Airport and the Grade II-listed Menzies Welcombe Spa & Golf Club near Stratford-upon-Avon, a luxury 78-bedroom Jacobean-style hotel set in 157 acres of parkland.
Topland has appointed independent hotels operator Bespoke Hotels to run the Menzies portfolio. Sol Zakay, Topland's chairman and chief executive, said: "This acquisition was an exceptional opportunity to acquire a profitable, highly-rated hotel group which provides an excellent additional platform for us to drive forward our strategy of building a £1bn hotel platform.
"The group as a whole is entering a particularly active phase across a number of fronts including property investment and property lending."