Gerald Aburrow, who has spent the past 14 years with Warner Bros as its vice president of international operations, bought the Wrea Head Hotel, in Scalby, after falling in love with the country manor following a visit.
The Wrea Head Hotel was placed into administration in August alongside the Royal Hotel, the Clifton Hotel and the Hackness Grange, following the collapse of the English Rose Hotels chain.
It is the third hotel in the chain to be thrown a lifeline this week, after it was revealed on Wednesday that Britannia Hotels, which owns the resort’s famous 365-room Grand Hotel, had bought the Royal and the Clifton.
Mr Aburrow said: “We want to return the hotel back to its community as well as creating a place for people from around the world would want to spend a few days relaxing in its fantastic surroundings so close to the moors and the coast.”
The Hollywood tycoon was inspired to venture into the hotel industry after spending many years travelling the globe and staying at some of the best accommodation.
“After many months searching, we walked into Wrea Head and in the famous words of Victor Kiam ‘I loved the company so much I bought it’, we couldn’t leave without buying it,” he said.
Coun David Jeffels, Scarborough Council’s cabinet member for tourism, said it had been a good week for resort’s hotel industry.
“It would be wonderful to think we’re going to get film stars staying at the Wrea Head,” he said.