The Station Hotel in Castle Hill, Dudley, had been on the market for offers of more than £1.25 million.
The sale, for an undisclosed price, was agreed and completed just before Christmas.
Josh Aspland-Robinson, from commercial property agents Knight Frank, said the 38-bedroom hotel had been on the market for a couple of months before the sale.
Details of the buyer have not been revealed.
General manager of the hotel Helen Clay, who has been in post since 1996, announced on Facebook on Tuesday that the hotel had been sold.
"It is with a heavy heart that Helen, Chris and our amazing team have to announce that the Station Hotel had been sold and now ceased trading," the announcement said.
"At this sad time we would like to thank all our valued customers over the years, whatever the occasion it has been a great honour to welcome all of you."
The hotel, which dates back to 1898, had just opened a new tea room in March last year before it was forced to close by the coronavirus pandemic.
The later hotel building from 1910 was demolished in 1936 when the current larger building on the junction with Trindle Road was built.
It was used by entertainers appearing at the old Dudley Hippodrome, directly opposite in Castle Hill, with Laurel and Hardy staying there in 1947 on their theatre tour of the UK that featured in the 2018 film Stan and Ollie.
The Station Hotel, which features en-suite bedrooms, stands on an 0.9-acre site and has a car park able to take 70 vehicles.
It has three conference rooms, a traditional ballroom with capacity for up to 200 guests, a public bar and restaurant. It is a popular location for wedding receptions and a number of people are waiting to hear what will happen about receptions that they had booked there before the announcement that it has stopped trading.
The hotel, reputed to be one of Britain's most haunted hotels, has also been used for Dudley's ghost tours for many years.
Ghost hunts started from there and visited sites like Dudley Castle.
An episode of the Most Haunted TV series, featuring the late medium Derek Acorah and Yvette Fielding, was also filmed at the Station in 2003. It was said to be haunted by the ghost of a murdered maid.
In recent years the hotel had been used for regular psychic fair, mediumship events, Peaky Blinders nights, vintage fairs and soul and Motown nights.
Anyone with enquiries about outstanding bookings at the hotel has been asked to e-mail firstname.lastname@example.org.