The Manchester office of agents Colliers International has sold Oldfield House in the centre of Windermere on behalf of Paul and Marion Want, who are retiring from the hospitality industry.
The business was acquired by Jonathan Blackburn and his partner Stephanie who have moved to Windermere from Spotforth near Lancaster.
Haydn Spedding, associate director with Colliers International's hotels team in Manchester, said: "Paul and Marion acquired Oldfield House through ourselves in 2001 following the foot and mouth disease outbreak – a great show of confidence at that time in the Lake District brand. While at Oldfield House, they have steadily upgraded the guest house and achieved a Silver Award from Visit Britain – no easy achievement.
"With eight letting bedrooms and a barn-conversion style owners' accommodation Oldfield House appealed to the new owners who look forward to taking this well-known business forward."
The property was sold from an asking price of £647,500.