TORTWORTH Court Hotel has changed hands.

The hotel, opened by the Four Pillars group seven years ago following a £20million restoration of the neglected, fire-damaged Victorian mansion, has been bought by a New York-based property investment company.

It is one of five Four Pillars hotels in Oxfordshire and Gloucestershire to be acquired by RREEF Real Estate - part of Deutsche Bank - which buys and manages property all over the world.

The new owners say the hotels wil continue operating as usual and there are no implications for the group's more than 500-strong workforce.

Under the deal Four Pillars founding director Brian Murtagh and current chief executive Charles Holmes will retain shares in the hotel operation and there will be a joint venture to expand the business.

Planning consent has been granted for the venture's first new hotel in Harwell, Oxfordshire, and other sites are also in the pipeline.

A RREEF spookesman said: "As far as customers and staff of the existing hotels are concerned - including Tortworth Court - nothing is going to change. The fact that the founders of Four Pillars are continuing their involvement is indicative of a positive outlook for the hotels business."

Alistair Dixon, chief executive of opportunity funds at RREEF said: "We're delighted to be taking our first steps into this segment of the UK hospitality market sector through an investment that will take advantage of the UK's steady economic growth.

"Through our partnership with the Four Pillars management team, we have created a solid platform for future investment and intend to build a substantial portfolio over the coming years."

The Four Pillars group currently owns three and four star hotels with conference, banqueting and leisure facilities and has recently opened a 220 bedroom conference and spa hotel in the Cotswold Water Park near Cirencester.

Charles Holmes, chief excutive of the new venture, said: "This is a wonderful opportunity for Four Pillars Hotels to grow its portfolio and develop its employees at all levels.

"We welcome RREEF as our new partner and look forward to working closely together to create one of the leading UK provincial hotel groups."