Lark Hotels, which operates 20 hotels across New England and California, plans to finalise the sale in February and will continue to operate the site as an inn, venue and restaurant.

Vendor William Zammer said: "They'll carry on the tradition that Linda and I have tried to do for the last 21 years there. We've tried to maintain the type of thing that the Coonamessett has always been and I hope we've done that, it seems that people like it."

The property features a 300 person banquet hall, 17 hotel rooms, and guest cottages on nearly five acres of property. It will be the first Lark Hotels property on Cape Cod, although it has hotels on nearby Martha's Vineyard and Nantucket.

It is anticipated that the property's current staff and management will be kept and all future reservations will be honoured.

"Going forward, it's my understanding that they're going to do some improvements, keep the staff in place, as well as the basic theme of the inn and we're happy for them, I think we've worked out a very good arrangement for ourselves," said Zammer.