The joint administrators, Nigel Morrison and James Stares of Grant Thornton UK LLP called in industry specialists Colliers International to sell the Victorian Hotel - The Astor Hotel - which went into administration at the beginning of the year.
Colliers International hotels director Simon Wells said the handsome 54-bedroom property could now end up being converted into apartments or student accommodation.
He said: “We were called in by Grant Thornton and convinced them we ought to hold out for a higher price – this proved to be the correct decision given the subsequent interest.”
The Astor, named after Plymouth's Lady Nancy Astor, the first woman to take her seat as an MP, was originally a private residence and the property retains many features including intricate cornice work and chandelier lighting typical of the era.
Within walking distance of the shopping centre, cinemas, Theatre Royal and the Plymouth Pavilions Leisure Complex, the Astor was featured in an episode of Alex Polizzi's Hotel Inspector, on TV’s channel Five in 2010.
Simon Wells said: “The Astor Hotel had been a well-established business for nearly a century but despite featuring on prime time TV it proved impossible to attract a new hotelier who would take on the project.”