The lakeside resort was built in 1890, and was later acquired by Derek Penman, chairman of the Penman Group.
It later underwent an “extensive” long-term redevelopment and refurbishment work to become a 55-acre lakeside resort.
It currently features 66 guest bedrooms, 49 timeshare lodges and apartments, 11 function suites, four bars and restaurants, a swimming pool, squash and tennis courts, as well as a studio, gym and spa.
Matthew Smith, partner at Knight Frank, who led the sale, said: “We are thrilled to announce the sale of Barnsdale Hall Hotel, and given the exceptional circumstances over the past few months we agreed the sale in the midst of the Government lockdown with all parties involved working tirelessly to achieve a successful outcome.
“Although challenging times, it has been a pleasure working with both buyers and sellers to overcome unprecedented and uncertain obstacles to ensure the transaction continued on course.”
He added: “Dineshbhai and Savitaben Patel and their family have acquired a truly exceptional lakeside resort, with its elevated position offering unparalleled views over Rutland Water.
“Having been in the same family ownership for the past 35 years, this now represents an exciting new chapter for the business under the ownership of the Patel family.”
Dineshbhai Patel said: “Barnsdale Hall Hotel is a truly incomparable resort nestled in a magical setting within Rutland – boasting spectacular views overlooking Rutland Lake and a wonderful range of leisure facilities.
“We fell in love with it the moment we saw it and are incredibly excited to have the opportunity to take it to the next stage of its development and journey.”
He added: “We are delighted to be working with the exceptional management team who have shown remarkable resilience and determination over the past few months, which have been a challenging and difficult time for everyone working in the hospitality industry.
“The commitment and loyalty of staff at all levels has been incredible, the accommodation and grounds are looking beautiful and we look forward to welcoming guests again with a focus on delivering the very highest standards of quality, luxury and service.”