Lydford House hotel near Okehampton, Devon, is set to reopen under new ownership in 2015, following its closure last year.
The property, built around 1850, traded as a four-star hotel and restaurant for 10 years, but closed in 2013. It has 11 en-suite letting rooms and three self-contained apartments on a plot of one-and-a-half acres.
This is the first hotel venture for new owners Jonathan Gilpin and his partner Jodie Austin, who have relocated from Aylesbury, Buckinghamshire.
The business will remain closed temporarily while they carry out renovation work, but the hotel is due to reopen early next year as a B&B.
Once the business has an established customer base, the couple plan to employ a chef and reopen the restaurant, reclassifying it back to hotel status.
The property was sold after a best bids auction on 19 September. The price paid has not been disclosed, but property adviser Christie + Co was seeking offers over £595,000 for the freehold interest.
In a statement, Gilpin and Austin said: "We plan to reopen offering a gateway to Dartmoor for activity holidays including walking, cycling and riding. Lydford House also sits adjacent to the coast-to-coast route from Ilfracombe to Plymouth, providing a good stop-off base."
Sophia Sangchi, agent at Christie + Co said: "The quick sale of Lydford House demonstrates continued improvements in the hospitality market. It is great to see that, priced competitively, we are able to bring strong buyers to the table and achieve offers above asking price."