The Whately Hall Hotel in Banbury has been sold with its new owners hoping to bring it back to four stars.
Serani Hotels is the new owner but will continue to operate the hotel under the Mercure banner.
Serani director Rajiv Nathwani said: “Whately Hall presents a fantastic opportunity for Serani Hotels to bring this popular and well-known hotel back up to the four star standard.
“The iconic building in a wonderful location, is an ideal addition to our growing portfolio.”
The 3-star Mercure Banbury on Horse Fair features 69 en suite bedrooms, six meeting rooms, and is a popular venue for weddings and events holding up to 180 guests.
Specialist business property adviser Christie & Co arranged the sale having been retained as sole selling agent.
Christie & Co director Alex Campbell said: "The hotel attracted an acute level of interest and we received a number of offers from a variety of international investors.
"The new owners will invest in the property and drive it forward capitalising on the busy Banbury market.”