The Hotel in the Park in Cheltenham has been bought by fashion entrepreneur Julian Dunkerton.
The Superdry founder bought the 11 bedroom hotel, which had been in administration since June, off a guide price of £2.6m.
It was listed on the market by Colliers International and bought by Dunkerton Properties, owned by the Dunkerton.
Joint administrator Benjamin Wiles told This is Gloucestershire: "We have traded the business as a going concern for some months now while we sought a buyer for the business as a whole.
"However, the hotel has been trading at a loss which is no longer viable. Therefore, in order to cease the losses, we have accepted an offer for a property purchase of the listed building.
"The new owner intends to refurbish the building and re-open in the coming months as a different type of hotel and restaurant offering, in line with their growing business in the local area.
"Regrettably, one outcome of this sale is that the 10 members of staff at the hotel have been made redundant. Although the loss of jobs was not the preferred outcome, the trading losses could not be sustained and accepting the offer for the property was, in our opinion, in the best interests of creditors as a whole."