The 57-bedroom Best Western Burnside hotel in Bowness on Windermere has been sold off a guide price of £3.1m, after its parent company went into administration last year.
The hotel has been acquired by GGE Ltd, operated by Richard Berry, whose business interests include Romneys, a gastropub in Kendal.
Berry said the Burnside hotel has "a lot of potential" and has "a good level of existing trade" to build on. "The hotel's location in the Lake District has masses of appeal and is bound to ensure its future success."
Set within grounds of 2.4 acres inside the Lake District National Park, the property, which partly dates backs to the 1800s, offers extensive conference facilities and a separate leisure complex, including a swimming pool and a squash court.
Taylor Hotels (Grasmere), which previously operated the Burnside hotel, alongside the 49-bedroom Grasmere Red Lion hotel, went into administration in March 2013. The former owners were husband and wife Caroline and Mark Taylor.
Julian Troup, head of property agent Colliers International, which together with GVA Hotels and Leisure marketed the Burnside hotel, said there was "a substantial level of interest" in the property from both local and national concerns.
"The business has a strong trading base despite being in administration, partly down to its iconic position overlooking Lake Windermere. This, coupled with the availability of staff accommodation in the town and included in the sale, made the hotel a very desirable business opportunity," he added.