The Commercial Hotel site in Whakatane has a new owner.

Bay of Plenty Regional Council has confirmed the sale of the property to a Whakatane businessman, who has purchased it with an eye to develop it in line with Whakatane District Council's town vision for this area of the CBD to be a tourism hub.

Regional Council Property Manager Annabel Chappell says the property will officially change hands in a few months' time.

'We're pleased to see the property sold, and especially for its ownership to remain in the community. As the new owner works through their development plans, I'm sure they will release further information about this.”

As per the purchaser's wishes, the Regional Council will not be releasing further details about the sale price or the new owner of the property.