Brooklands Hotel has been sold to a Singaporean tycoon for more than £20m, after its owners went into administration.

Tan Boy Tee’s Bestford Capital has bought the 120-bedroom hotel, next to Mercedes-Benz World, with Westmont Hospitality Group, from administrators BDO LLP.

It is said to generate £7.5m in turnover a year.

Julian Troup, head of UK Hotels Agency at Colliers International, who completed the sale, said: “The hotel’s unique location at the world-famous birthplace of British motorsport generated interest from a number of domestic and overseas investors.

“These were driven by the hotel’s luxury appeal, superb trading performance and the area’s reputation as one of Home Counties’ chief business destinations.”