The historic Cardrona Hotel near Wanaka has been sold.

The hotel, which was founded in the 1860s and is one of the country's most recognisable buildings, has been purchased by Christchurch businessmen Cade Thornton and James Jenneson.

According to the agent who brokered the deal, Mark Simpson of Colliers International's Queenstown office, the profitable business had been sold as a freehold going concern.

He was unable to reveal the purchase price but said it provided the equivalent of a 10 per cent net return on the property and business.

"The buyers place a high value on the hotel's history and its strong following from locals and visitors," Simpson said.

It is understood Thornton and Jenneson intend to retain the hotel's historic character and features, while improving facilities such as the beer garden and its accommodation wing, which was added in 2002.

They also intend to base outdoor activities such as mountainbike tours at the hotel and improve its food and beverage offerings.

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