The 74-bedroom Ringwood Hall hotel, near Chesterfield, Derbyshire, has been sold off a guide price of £7.5m.
Danny Singh, a Midlands-based businessman with interests in the healthcare sector, has acquired the Grade II-listed, early 19th century property, from David Seton of Lyric Hotels.
He has also bought Lyric Hotels, which has bought and sold more than 30 hotels during its 25-year history. According to Companies House, turnover of the business, which today owns just Ringwood Hall, was £3.8m with a pre-tax profit of £131,720, for the year to 31 March 2015.
Located in 29 acres of grounds, Ringwood was bought by Seton in 1999 when it was a partly derelict, 21 bedroom hotel. Around £4.5m has been spent on refurbishing and expanding the hotel over the past 17 years, while the number of staff has increased from 16 to 180.
Rona Davies, who has worked at the hotel since 1985, will continue as general manager under the new owner. Ringwood is Singh's first hotel venture.
The property has changed hands with a number of planning permissions in place relating to the erection of a marquee from April to October, hotel tubs, the conversion of offices into treatment rooms, the construction of an orangery into additional dining space and the conversion of outbuildings to eight additional bedrooms.
Seton said: "You never actually own a place like Ringwood, you just look after it until the next person comes along. It has been an honour to have been custodian of the Ringwood Hall for such a short time in its history. I am delighted to be leaving the hotel in a much better state than we found it in."
The sale of Ringwood was negotiated by Colliers International.