Quintessential Hotels has bought Norton Manor near Winchester, increasing its portfolio to five hotels.
The 97-bed hotel, previously owned by Dolce International, was bought for £8.75m. The new owners plan to spend £7.5m transforming the management training centre into a four-star hotel.
A spokeswoman for the company said they hope to increase the number of bedrooms and extend the conference facilities.
"This hotel has great potential to re-position itself as a main player in the conference industry," said Michael Purtill, managing director of Quintessential Hotels. "It has a superb location."
Quintessential Hotels was founded in March 2003 and also own The Midland in Manchester and Chesford Grange in Warwickshire.
By Victoria Heath
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