Following on from getting approval for a new hotel in Newbury town centre, Premier Inn is set to take over the Hilton hotel in Pinchington Lane.
The 100-bedroom hotel, behind Tesco Extra, will reopen as a Premier Inn in early 2017 after a £10million refurbishment.
Contracts were exchanged last week, with rebranding work set to begin soon.
Andrew Eldridge, head of acquisitions for Premier Inn, said: “The Pinchington Lane property is a well-located hotel that we want to rejuvenate and invest in.
“We plan to modernise and upgrade parts of the hotel building and transform it into a quality Premier Inn.
“We see this as a tremendous opportunity and we’re eager to get started with our investment plans.”
Last month Premier Inn was granted planning permission by West Berkshire Council for a 100-bedroom, part three, part five storey hotel in Park Way, after its previous application had been refused.
Premier Inn added that “both sites will deliver new, high-quality hotel accommodation for Newbury, supporting the town’s business and leisure economy”.