The proprietors of the Lake Hawea Hotel and Motor Inn complex have sold their lease on the property for an undisclosed sum.
John and Noeline Shea have run the hotel and accommodation operation for the past 12 years, but put the lease for the property on the market more than 12 months ago.
Mr Shea declined to specify the sale figure, but said the price "reflected the existing market conditions".
A highlight of his proprietorship had been a successful six-year run of New Year holiday concerts, which had brought in between 70,000-80,000 patrons and music-lovers to the local area, he said.
There were "no regrets" in selling the business.
"It is time to move on and for new enthusiastic owners to come on to the property", Mr Shea said.
"That is what is needed for this type of business."
About 17 staff members will have to reapply for their jobs once the new leaseholders take ownership at the beginning of May.
It is understood the new leaseholders are business partners, originally from the United Kingdom, who have links to Lake Hawea.
