Havana West, a company owned by entrepreneur Peter de Savary, has sold the three-star White Hart hotel in the heart of the Dartmoor National Park off a guide price of £1.5m.
The buyer, new company Hart Inns, is headed up by Andrew Younger and Gary Tubb, who both have experience in the hotel and catering sectors.
They view the White Hart hotel as the flagship of a portfolio of properties they plans to build up in the West Country.
The Grade II-listed inn, which dates back to 1637, is located in the ancient market town of Moretonhampstead and achieved an ex-VAT turnover of £560,000 in 2007.
Facilities include 28 en-suite bedrooms (eight in an adjoining annexe), a 14-seat residents' lounge, 20-seat bar, a 46 seat restaurant and a two-bedroom owners' or managers' flat.
Function space includes the 60-seat Stag function suite and 14-seat Moreton suite.
An outside paved courtyard area can seat another 30 guests.
The property was sold through joint selling agents Knight Frank and Bettesworths.
Havana West, meanwhile, plans to reopen the Cary Arms at Babbacombe Beach, Torquay (which it acquired in 2006) next year as The Inn on the Beach. The company also owns the Sandy Park Inn near Chagford in Devon.
By Angela Frewin