Property investor Kennedy Wilson Europe is set to buy the Fairmont hotel in St Andrews in Scotland for £32.4m.
The move came after SABD Holding put the 209-room hotel which is operated by Fairmont Hotels and Resorts up for sale.
The hotel, which sits in 520 acres of land, is run by Fairmont under a management agreement lasting until 2031.
"Furthermore this asset provides a number of good opportunities to leverage our extensive asset management expertise through which we expect to be able to add significant value over the medium term."
Kennedy Wilson Europe bought the Portmarnock hotel in Dublin in Ireland for £23.9m in June this year.