After months of speculation, brothers Nicholas and Paul Hill said the hotel on Linenhall Street behind City Hall had been sold to a private buyer for an undisclosed sum the News Letter understands to be £17.2 million.

It is believed that the man behind the deal is Ulster property millionaire and avid Liverpool supporter John Miskelly.

He has in the past been linked to a possible takeover of the club.

In Belfast, the Hill brothers said they were selling to devote their efforts towards the Galgorm Resort and Spa in Ballymena which was recently the subject of a £10 million makeover.

However, they confirmed they were in the process of developing a “similar establishment” to Ten Square in Belfast which they hope to open by next year.

The Hills have owned the 23-bedroom Ten Square since 2000 during which time it has garnered many favourable reviews and established a reputation among celebrities, tourists and locals alike as a chic city retreat.

It was voted the city’s Best Hotel in 2006 by Belfast Chamber of Commerce and one of the sexiest hotels in the world by Cosmopolitan Magazine.

However, its reputation was dented somewhat in August last year when it cancelled all wedding receptions from March this year, leaving 27 couples looking for a new venue for their big day. A spokesperson at the time “apologised profusely” for any inconvenience.

“The past eight years were exciting and we believe that Ten Square played a role in the revitalisation of Belfast City Centre,” said Nicholas Hill yesterday.

“We have now decided to focus our attention on Galgorm Resort and Spa. It is a prestigious complex which has already won awards and we are determined that it should maintain its position as one of the top leisure hotels on the island of Ireland,” he said.