The hotel in Cornwall has been owned by Mary Tozer since 2006, however, she has taken the decision to sell the business in order to retire.
Green and Rock has partnered with W K Gelston Contractors and plans to turn the property into nine luxury homes.
Founder and director of Green and Rock, John Oriss, said: “In 2020 we will be commencing this very bespoke project with the construction of nine luxury riverside homes on the site of the Cormorant Hotel. Rarely does an opportunity arise for homes with such stunning views.
“Our aim is to make this a truly landmark development in Cornwall, developed sensitively to respect the natural beauty of its surrounds.”
Stephen Champion, associate director at Christie and Co, who handled the sale, added: “It has been a pleasure working with our client Mary Tozer to facilitate her exit from the business. We look forward to seeing Green and Rock’s finished development.”