The deal is also said to have saved around 50 local jobs.
KRO will operate the hotel while Mercure, a unit of Accor brand, will serve as a franchise partner.
The Samlesbury Hotel will undergo a £1.5m renovation and will be rebranded as Mercure Preston Samlesbury Hotel. It is slated to reopen in April this year.
KRO Hospitality owner Kim Eivind Krohn said: “We are delighted to welcome the Mercure Preston Samlesbury Hotel to our portfolio.
“It is a fantastic hotel with enormous potential and is situated in an ideal location to attract business travellers and leisure guests alike.
“We have some very exciting plans for the hotel refurbishment and our new food offer, and we look forward to working with the Accor team to bring these to fruition.”
The Samlesbury Hotel comprises 80 rooms. It features a restaurant, bar and eight meetings and events locations, including the Canberra Suite, capable of accommodating up to 160 guests.
Revamped to exhibit local culture and heritage, the Five Barred Gate Bar & Grill restaurant will serve Lancashire favourites.
Accor Northern Europe Franchise Operations senior vice-president Cristina de Oliveira-Frewen said: “The Mercure brand combines the strength of an international network with the flexibility to ensure each hotel is individually tailored to its local community, so it is a perfect fit for this award-winning hotel.
“We are thrilled to be partnering with KRO Hospitality to ensure the hotel achieves its full potential as a high-quality, authentic destination for leisure and business travellers and the local community.”