The 1877 Criterion Hotel on Tyne St closed in June, after the building's owners, the Oamaru Whitestone Civic Trust, cancelled the previous publican's lease.
However, trust chairman Phil Hope said the hotel would be open again well before the Oamaru Victorian Heritage celebrations in November, after he named Oamaru businesswoman Sally-Ann Donnelly the new lessee.
He said a long-term, renewable lease had been agreed with Mrs Donnelly.
The trust was happy the building could once again take its place as "the No 1 place in the precinct", Mr Hope said.
"We are absolutely thrilled that Sally has decided to take on the lease.
"From our perspective, the Criterion is perhaps the key building in the historic precinct."
Internal renovations were now under way to give the 135-year-old hotel a "new look", he said.
Mrs Donnelly, who has eight years' experience running hotels, said the Criterion was ideally located between her two businesses.
These are Fat Sally's Pub and Restaurant on Thames St and the Portside Restaurant and Bar on Waterfront Rd.
Mrs Donnelly said she had no fears about taking on three hospitality outlets in the town.
"I have a great team behind me, and we hope to be open in early October."
Although there would be "quite a few changes", including a reduction in the number of beers on tap, changes would still be in keeping with the Criterion's existing "English pub" style, she said.
