The Central Hotel in Glasgow city centre, used by some of the world's biggest stars, is to be given a GBP20million makeover.
The 222-room, seven-fl oor hotel closed in February when its owners went into administration. A hunt to find a buyer came to nothing, sparking fears the A-listed Victorian building would be left to rot.
But UK hotel group Principal Hayley has now bought what is one of Glasgow's oldest hotels, which was built in 1898.
And the company plans a major refurbishment, transforming it into a four star tourism and conference venue.
When it does re-open, it will have an additional 30 bedrooms.
The Central Hotel, which adjoins Central Station, was most recently known as the Quality Hotel and was once the place to be seen for high profile visitors to Glasgow.
Guests or diners through the years have included Cary Grant, Gene Kelly, Frank Sinatra, Laurel and Hardy, Roy Rogers and his horse Trigger, the Queen, Sir Winston Churchill and John F Kennedy.
In May 1927 it was the venue from which the world's first long-distance television pictures were transmitted by John Logie Baird.
In recent years the hotel had lost its sparkle, but all that is about to change, says Principal Hayley, which has also bought the famous New Connaught Rooms in London.
The firm now owns 24 hotels in Britain, Paris and Barcelona, including the four-star George Hotel in the centre of Edinburgh.
A spokeswoman said the Central would remain closed until February 2010 when it will be reopened with a flourish and a new name - the Grand Central Hotel.
Tony Troy, chief executive of Principal Hayley, said:
"Glasgow is a thriving tourism and conference destination and the acquisition of the Grand Central Hotel is in keeping with our strategy of offering dedicated conference hotels in key city centre locations around the UK."
"Even in today's challenging economic climate we are confident our unique model of offering an a la carte selection of high quality city centre hotels and dedicated conference, event and training venues is one that will continue to appeal to the corporate and leisure markets alike. This acquisition further enforces our commitment to grow."
A spokeswoman for the group added: "We like to restore our buildings to their original glory.
"The Grand Central Hotel is a great old dame of hospitality so it is only right it gets restored and opens again next year.
"The hotel has been unloved for some time, but our plan is for it to take its place again as one of Glasgow's top four-star hotels."
Philip Braat, councillor for Anderston/City, welcomed the investment.
He said: " This hotel played a very important role in tourism and hospitality terms for Glasgow in the past and a revitalised hotel in such a location has the potential to play a very significant role in the city's economy.
"With the advent of the 2014 Commonwealth Games and an ever-increasing numbers of visitors to Glasgow, this could be a very exciting project"
