The 95-bedroom property, which is located in the city’s former prison, was purchased by The Westgate Oxford Alliance – a joint venture between Land Securities and The Crown Estate – as part of its deal for the Castle Quarter.
The deal also includes the Castle Quarter’s restaurants, bars, 40 apartments, education centre, art gallery and a heritage visitor attraction.
The hotel was launched in 2006, following a development by the Osborne Group, and is located in the city’s former Royal Castle. Most recently, between 1785 and 1996, the property had been used as the city’s prison.
Kerr Young, director in JLL’s hotels and hospitality team, which advised on the sale of the property, said: “There was competitive bidding for this investment opportunity, highlighting the desirability of the Oxford area and the unique heritage and character of the Castle Quarter.”