Peter Eyles has left his post as executive chairman of Hanover International following its takeover by property entrepreneur Jack Petchey.
Eyles, who was strongly and openly opposed to the takeover, resigned last week.
"I am sad, of course, to be leaving the company," he said, "but remain very proud of what the employees of Hanover International have achieved in the past eight years."
He added: "I am grateful for their enthusiasm and commitment, and wish them and the company every success in the future."
Sources close to Eyles said that he was devastated when Petchey took over the company in August through his investment vehicle, Trefick.
Eyles's departure from Hanover had been widely anticipated by the industry since he reluctantly told shareholders to accept Petchey's £38.3m offer for the four-star hotel chain.
Eyles, who set up Hanover in 1995, is rumoured to have already received a number of approaches from potential new employers, and is not expected to abandon the hotel industry. However, he is not expected to be replaced at Hanover.
Eyles is currently on holiday and could not be reached for comment.