The Ston Easton Park hotel has been sold to a private equity firm led by former Dragons' Den panellist James Caan.
His firm Hamilton Bradshaw has acquired two hotels which had been owned by the collapsed Peasedown St John chain von Essen.
Von Essen was the holding company of a collection of 28 private hotels which went into administration in April last year, with administrator Ernst & Young continuing to run the businesses, whilst buyers were sought via property agent Christie + Co.
The agent has sold Ston Easton Park, near Farrington Gurney, and Sharrow Bay, in Cumbria, to Hamilton Bradshaw for a reported combined figure of £4.5 million.
The deals conclude the von Essen portfolio sales process, which has also seen the Royal Crescent Hotel in Bath and Homewood Park, at Hinton Charterhouse, sold.
Ston Easton is set in 36 acres of grounds and has 22 bedrooms in a Palladian mansion.
Jonathan Hill, hotel director for Christie + Co's Bristol office, said: "We're delighted to have sold the fine country house hotel Ston Easton Park to Hamilton Bradshaw, and to have concluded sales on the complete instruction.
"This high-profile instruction generated extensive press coverage and attracted a huge volume of enquiry.
"We generated more than 330 viewings from existing hoteliers and cash-rich entrepreneurs leading to the successful sale on both a group and individual basis.
"That we were able to do so in little more than a year shows Christie + Co has national coverage, experience and a network of meaningful, and wide-ranging, contacts in the hotel and associated sectors."