The sale of Luton Hoo Hotel will see all existing staff at the hotel retained by the new owners.
Additionally, it will enable Elite Hotels to forge ahead with a “robust refurbishment plan” for its three remaining properties.
Elite Hotels’ properties include the 106 bedroom Ashdown Park Hotel and Country Club in East Sussex, the 112-bedroom Tylney Hall Hotel and Gardens in Hampshire, and the 152-bedroom property The Grand Hotel in Eastbourne, locally known as ‘The White Palace’.
Graeme Bateman, managing director of Elite Hotels, said: “Naturally, we are sad to be parting company with Luton Hoo Hotel, but we do so in the knowledge that we have passed the custodianship of this wonderful property into safe hands.
“We wish Surinder Arora and his team at The Arora Group every success as they move Luton Hoo Hotel into a new era.”
He added: “As a company, Elite Hotels remains fully committed to ensuring a bright future for its three remaining properties. Each hotel will continue to benefit from the group’s ownership and a considerable investment programme.”
Details of the plans are set to be announced in due course.