The Burlington Hotel in Dublin is expected to be sold for more than €65m by the end of the month.
It was originally bought by developer Bernard McNamara for €288m in 2007. US private equity group Blackstone and UK group London & Regional are bidding for the property.
The hotel is being sold by estate agents CBRE on behalf of Bank of Scotland. It is expected the new owner will invest €10m in the hotel.
Established in 1972 the Burlington originally operated by the Jurys Doyle group from 1999 until 2007.
JDH, a private company formed by members of the hotel group's founding Doyle family, sold the Burlington Hotel to Bernard McNamara in a deal that valued the site at almost €70m an acre.