Property developer Adrian Fini has bought the historic Caves House Hotel in Yallingup for an undisclosed price, with plans to refurbish the hotel while retaining its heritage-listed building and gardens.

Fini said the purchase was a family project rather than a property development, with the focus on improving the hotel's food, drink and accommodation. He said there were no plans to alter the structure of Caves House and that the gardens would also be protected.

The sale includes the Yallingup General Store and Cafe, Yallingup Gugelhupf and Caves House Cellar, with existing tenants to be offered long-term leases. It does not include the adjoining apartment complex, although the hotel will continue using accommodation within that facility.

Caves House had been owned for about 10 years by Neil and Elizabeth Jilley through Deswood Enterprises and Claddan Enterprises. Hotel chief executive Leah Colton said considerable effort had been made to find a buyer considered suitable to take over the historic property.

The present Caves House was constructed in the 1930s following a fire that destroyed an earlier building in the 1920s, and the property has more than 120 years of history.

Fini also has longstanding links to the South West and is behind the $280 million Smith's Beach development, which includes 61 homes, a 65-room hotel and 36 camping sites within a 19ha site.