Seaham Hall sells for 'half-price' - saving 120 jobs
More than 100 jobs have been saved following the sale of a Durham hotel.
Seaham Hall and Serenity Spa's former owners, the Von Essen Group, put the venue up for sale last year when it went into administration.
The £12.5m guide price was later slashed to £5m and it has now been sold to Bristol-based Seasons Holidays - safeguarding 120 jobs.
The firm, which runs hotels in the UK as well as Spain and Portugal, said it was investing £500,000 in the venue.
Managing director of Seasons Holidays, Barry Donaghey, said: "We are delighted to add Seaham Hall to our portfolio of luxury properties.
"It is a fantastic venue in the heart of the North East with a lot of potential.
"It already has a great reputation as a leading hotel and spa and we will be looking to build on this to ensure it continues to be one of the top destinations at a regional, national and international level."
The exact price of the five-star hotel has not been disclosed but it is less than £5m.