Nunsmere Hall hotel in Chester has been sold to family-run company Highwater Estates for £5.35m, after previous owner Prima Hotels went into administration in May.
The new owners, who also own nearby Peckforton Castle, have promised to provide "significant investment" to breathe new life into the historic manor house.
Highwater's Chris Naylor, managing director of Peckforton Castle, said he is planning a tasteful and unobtrusive revamp of the Edwardian estate on the outskirts of Northwich.
He said: "We're very proud to take over such an historic building. Nunsmere Hall has huge potential and we're all extremely excited.
"Having spent 10 years building a very successful hotel with Peckforton Castle, we're confident we can transform Nunsmere Hall too."
He added: "We'll be investing in order to enhance the property's already-significant appeal, focusing on making the interiors look less tired while avoiding any major construction work or disruption to guests.
"Simply put, we want to give Nunsmere the tender loving care it deserves."
Built in 1900, the four-red-AA-star, Nunsmere Hall sits in 10 acres of gardens and is bounded on three sides by a 60 acre lake.
It offers 36 individually-designed bedrooms, a two rosette restaurant, and conference and event facilities, in addition to being a popular wedding venue.
The administration of Prima Hotels also resulted in four other properties within the UK being put up for sale. The affected hotels were the Stanneylands hotel near Manchester airport in Cheshire, the Quorn country hotel in Leicestershire, Hellaby Hall hotel in Rotherham, and the Crowne Plaza Royal Terrace hotel in Edinburgh.
Instructed by administrators AlixPartners, estate agents Savills brought the four Prima Hotels in England to market, inviting offers in excess of £18m for the portfolio.
Legacy Hotels and Resorts has been running the Prima Hotels group on behalf of the administrators.