Olga Polizzi, owner of Cornwall's Hotel Tresanton, and sister of hotelier Sir Rocco Forte, is close to buying her second hotel.
Polizzi is "seriously interested" in the 17-bedroom Endsleigh House hotel in Tavistock, Devon, but has not yet struck a deal for the property.
The Grade I-listed hotel, which also features two restaurants, river views and more than 100 acres of land is up for sale through agents FPD Savills and has a market value of about £3.25m.
The Endsleigh Charitable Trust has owned the property since 1989, but is understood to be unable to afford its upkeep any longer.
If Polizzi does buy the hotel, Endsleigh House is likely to be completely refurbished and renovated to the standard of the 29-bedroom Hotel Tresanton, which boasts high-profile guests such as the Prince of Wales and the prime minister.