The Metropole Hotel & Spa in Llandrindod Wells, Powys, has been sold to Crest Hotels after having been independently owned and operated by the same family since 1897.
The property until recently was under the stewardship of the fifth generation of the family, Justin Baird-Murray and Sarah Hill, who substantially upgraded the 109-bedroom hotel's facilities and expanding the range of services on offer.
However, they felt the time was right to step back and hand the hotel over to new owners to further develop and enhance the venue.
They said: "Whilst it is of course sad to be selling a business with which we have been involved for our entire lives now is the right time.
"We wish the Singh family every success during their ownership of this wonderful hotel in a beautiful part of Wales. Most importantly we would like to thank the staff, with whom we have shared this memorable journey, for their hard work and dedication over the years."
New owner Crest Hotels has secured 100% of the share capital of Hotel Metropole (Llandrindod).
Directors Gurjinder and Parminder Singh said: "We are extremely proud to bring this iconic hotel into our existing portfolio and look forward to working with the team in situ to further build on its reputation and stature.
"Justin and Sarah, including previous generations, have worked incredibly hard to create a fantastic legacy with the Metropole Hotel and we want to assure them it is in safe hands with Crest Hotels.
"We look forward to working with the local community and fully embracing the business, its people, its suppliers and of course, its many guests from all walks of life to enjoy a wonderful customer experience with us."
Christie & Co brokered the deal.