John Davies, former manager of the Kingfisher hotel in Stalham, Norfolk, has bought the property in partnership with Heather Wilkins.
The hotel is on the edge of the Norfolk Broads national park in the market town of Stalham, 15 miles north of Norwich and three miles from the sea.
It has a strong local following and is well-placed to cater for both holidaymakers and commercial guests
The property has eight recently-refurbished en-suite bedrooms, a lounge bar, a 60-seat restaurant and two-bedroom owners' accommodation.
Previous owner John Knight is developing 20 luxury two-bedroom flats on part of the hotel site and an adjacent plot.
The Norwich office of Colliers Robert Barry sold the property for close to the asking price of £475,000.