The off-market sale, brokered by Bayleys Real Estate, was settled last month.
Nugget Point, the closest hotel to Coronet Peak, features 40 guest rooms, each with private balconies or patios, food and beverage areas, a Roman-style spa, conference rooms, a fitness centre, squash courts and a private cinema on the 8000-plus square metre site.
Bayleys investment sales director Paul Dixon said the "ground-breaking" resort was "ahead of its time" when it was built in the 1980s.
The purchase was subject to an Overseas Investment [Act] application — consent was granted by the Land Information Minister and Associate Finance Minister because the applicants met the "investor test criterion" and the benefit likely to occur as a result of the investment would likely benefit New Zealand.
The consideration was $20,125,000.
New Bay Group, which also owns hotels in Auckland, Wellington and Tauranga, has committed to an extensive refurbishment, which will restore Nugget Point to a five-star-plus standard over the next year.
The hotel will be operated by experienced New Zealand company Capstone Hotel Management, which manages about 14 properties across the country.
