Property agent Creevy LLH has sold the Glenfarg hotel, which is 11 miles south of Perth, to local hoteliers the Allen family.
Although a popular business, the 16-bedroom hotel ran into financial difficulties and was repossessed by its unnamed bankers (known as the Heritable Creditors).
Since then, it has been fully equipped and refurbished.
The property includes three bars that can seat around 100 people and function facilities for up to 80 guests.
Creevy received a large number of offers in excess of the £375,000 guide price and the hotel attracted 15 potential buyers on the first official viewing day.