Bovey Castle in Dartmoor National Park has been bought by Eden Hotel Collection, which has paid an undisclosed amount for the castle and its estate.
It comes after Eden announced that it plans to invest £13.5 million in, and redevelop, Tides Reach Hotel, a South Devon property.
The Bovey Castle property includes 64 bedrooms, a spa, golf course, outdoor pursuits centre and country lodges at the moment.
The luxury boutique operator is planning to make a major investment into the estate.
Eden is a group of privately owned luxury hotel venues in the South West, Cotswolds and Midlands.
It's a part of The Rigby Group, which has interests in sectors like hotels, technology, airports and more.
Mark Chambers, managing director of Eden Hotel Collection, has said he's thrilled about the chance to restore Bovey Castle and re-establish the venue as the South West's principle resort.
Some £2 million is set to go into improvements and renovations at the venue.
“Bovey Castle is a key acquisition for the group and will add to our existing properties in Somerset, Kingsbridge and now Salcombe. It establishes us as a major force in the hotel and tourism sector across the region," said Mr Chambers.
The restoration of hotel and estate represents an exciting project for the Eden Hotel Collection team, he said.
"This famous property has a national and international reputation for excellence and we are very much looking forward to cementing its place as the jewel in the crown of the leisure industry in the South West.”
Eden says one of its core values is integration into communities and creating links with local companies, people and suppliers. The group wants to have a good effect on Devon and the nearby area's economy, it says.
Berkeley Scott is a specialist hospitality recruitment agency.