Skelwith Leisure, the former owners of the hotel and its 100 acre estate, which includes seven luxury holiday cottages, went into administration last July leaving the business in the hands of administrators KPMG.
Today's deal, secured with the backing of pension lender Grosvenor Financial Consultants, will see Yorkshire Ventures, the Harrogate-based property business led by Richard Jackson, continue to run the property and its estate as a hotel. The new owner also plans to add more holiday cottages to the estate.
“This property is a Yorkshire gem in a fantastic coastal location. It has been renovated to an incredibly high standard, and that’s why the hotel business has a good foundation and such enormous potential," said Jackson.
“The opportunity remains to develop a further 46 cottages, which already have current planning consent, and we are all ready to finish the site to the same five-star luxury standard as the hotel."
Yorkshire Ventures has appointed hospitality management company Inn-telligence to run the hotel. The company's Raithwaite Estate team will be led by Penny Brown and Meinhard Huck, both previously senior executives with Raffles Hotels and Swissotels, of which Mr Huck was president.
Brown said: “Raithwaite Estate is a stunning property with enormous potential to increase its range of services and facilities and to attract more visitors to Whitby.”
Following the deal, Raithwaite Estate will become part of Preferred Hotels & Resorts and be marketed as part of its Lifestyle brand.
Development work on the estate is set to start this month.