IT'S official - Morecambe's famous art deco Midland Hotel has finally been sold.

Cash has changed hands for the Grade II listed hotel but the new owners remain a mystery.

It has been bought by an East Coast leisure company who intend to refurbish the historic building and continue its hotel role.

"Contracts have been exchanged, the sale has been completed and money has changed hands," said Charles Abbott, agent for executors Sills and Betteridge. "The Midland is now the property and responsibility of the new owners. They have bought the building

warts and all in the full knowledge of its history, and I understand that they

intend to retain it as a hotel and restore it."

He did reveal that the company had paid "substantially more" than a recent £325,000 valuation given to the building by Christie & Co on behalf of the City Council.

The landmark hotel has been on the market since the death of its former owner Les Whittingham in 1998 and Mr Abbott added: "Although we had over a hundred expressions of interest in it over the years and had even reached the contract stage before, a number had pulled out before contracts were exchanged. In the end it was a two-horse race, as two developers were keen to buy it and contracts were issued to both of them. One of them came back within eight days to sign and exchange and they are now the new owners."

Commenting on the news, chair of the city council's Economic Development and

Tourism Policy Committee, Cllr Paul Morris, said: "The sale is another significant piece in the jigsaw for Morecambe's regeneration and an important vote of confidence in the resort that is enjoying a renaissance in its popularity. Once the Midland is regenerated, it will draw even more people into the town. This welcome news comes at the same time as very strong interest in the Bubbles site. It is all great news for Morecambe."