One of Cheltenham's best known has been sold at the asking price after going into administration earlier this year.
Sector expert Peter Brunt from Colliers International said The Hotel in Cheltenham's Evesham Road has been bought by an undisclosed local businessman.
The Hotel dates back to the 1830s and is a Grade II listed, 12 bedroom boutique property in the popular Pittville area of the town.
It had been placed on the market with Colliers International at £2.6m at the end of last year.
Described as a "luxurious oasis of calm right in the centre of Cheltenham" The Hotel has recently undergone a complete refurbishment with the installation of bathrooms which feature whirpools, aromatherapy, chromotherapy and infinity baths.
Parkers, the hotel's 42-seat restaurant, was named Restaurant of the Year in 2006 by Cotswold Life.
Peter Brunt said: "The Hotel retains many original features and is a luxurious oasis of calm right in the centre of Cheltenham with numerous opportunities for exploring the legendary shops or further afield in the Cotswolds."
He concluded: "Hotels of this standard remain in very short supply in Cheltenham and the Cotswolds and this is a tremendous location. I expect the Hotel will be back to its peak very shortly under new management. The business closed shortly before completion of the sale and I expect that a high quality refurbishment will precede the re-launch the business as one of the very best small hotels in the town.."
The new owner has another hotel business in the town and is aiming to add bedroom stock to that business and treat The Hotel as a bed and breakfast annexed to a larger restaurant and bar with rooms operation.
All enquiries should be directed to Peter Brunt, Hotels Director, Colliers International on 0117 917 2000.
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Source:Empica Ltd on behalf of Colliers International.