The landmark Windsor House office block in Belfast city centre - once one of the tallest buildings in Ireland - is to be turned into a hotel after being sold for £6.5 million.
The building has been sold to the Hastings Group, owners of the Europa Hotel and the prestigious Slieve Donard and Culloden hotels.
There has been much speculation over the last six months as to the fate of the building that once housed a number of government departments.
Liam Dowdall, of commercial property agents Smith & Williamson said the sale was "a key milestone in finalising the administration of this important investment opportunity".
"This is a testament to the investment potential and recovery in commercial properties in Belfast", he added.
Gavin Elliott, of CBRE Belfast who acted in the sale of the building said: "Windsor House was been traded a number of times over the last 10 years with each landlord having proposed a variety of schemes for redevelopment.
"It has however only recently been viable for a full redevelopment to take place as the building nears complete vacancy.
"This purchase presents a huge opportunity for Belfast in particular with strong demand for hotel and leisure space in the city centre.
"Windsor House offers a large amount of accommodation in a core location, which is well positioned to take full advantage of this urgent surge in demand within the hotel and leisure sector.
"We see this as an endorsement for Bedford Street as a key street for business location in Belfast City Centre.
"The sale comes at a time when the Northern Ireland investment market is seeing a further upturn", he added.
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