Aria Resorts has acquired the Priory Bay hotel as part of its £30m investment plans for the Isle of Wight.
The hotel went on the market in September 2016 for £3m after going into administration, and was formerly owned by James and Andrew Palmer (founder of the Covent Garden Soup Company), who purchased the hotel in 1997.
The 44 bedroom property is set in a 48-acre estate near Seaview, and has a private beach, with the Grade II-listed country house at its centre offering 18 suites.
Plans have been drawn up by the UK-based developer to develop the hotel and site with a new spa and restaurants, with a view to re-open the hotel in early 2019.
Aria Resorts already owns the Bay Filey, a development of holiday cottages, apartments and beach houses in North Yorkshire, and Gara Rock, a resort currently being expanded in Salcombe, Devon.
Edward Andrews, a director of Aria Resorts, said: "Our aim is to build one of the UK's leading, responsible holiday operators by investing millions of pounds into upgrading facilities on the Isle of Wight. The island is one of the finest places in Britain to take a holiday, with its stunning coastlines, wide range of festivals and a growing food scene. With this expansion, we will be creating many permanent jobs and contributing to the growth of the local economy."
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