The 67-bedroom 4-star hotel has recently had refurbishment of its leisure facilities.
Gareth Pugh, managing partner of Premier Cru, said the latest management contract represented a "significant development" for the company.
He said: "Waterton Park hotel is a superb property, with a strong regional identity and an excellent reputation as a wedding venue. We wish to develop the hotel's profile and build on the reputation of its unique location."
Owner of the hotel Deidre Kaye said she had chosen Premier Cru as she believed it had the "necessary skills and expertise to ensure we become the top 4 star hotel in the area".
Premier Cru was launched in April 2006 by managing partners Gareth Pugh and Iain Shelton to provide hands-on operation support for hospitality businesses.
By Gemma Sharkey
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