Von Essen went under in April owing Chalcroft nearly £700,000 for unpaid work on the £2.4m Congham Hall extension.
Following the collapse, the contractor exercised its right to take possession of the facilities it was building as part of the refurbishment programme.
Now Chalcroft has agreed a deal with Von Essen administrators Ernst & Young and will restart construction today with a completion date of October 19.
Work involves expanding the restaurant, the creation of new kitchen facilities and 11 additional bedrooms, along with a new spa with 12-metre pool
Chalcroft’s Operations Director Paul Morley said: “We have been working closely with the administrators to negotiate a way forward and I am delighted to announce that we will recommence work on the hotel refurbishment.”