Aberdeen's five-star Marcliffe hotel is set to stay open, after its owner decided not to sell the property.
Stewart Spence had indicated in 2013 that he planned to retire, with housebuilder Stewart Milne lined up to demolish the hotel and turn it into office space.
However, it emerged that Spence has since had a change of heart and now has no plans to sell up.
The hotel has been open at its North Deeside Road location since 1993, and news of Spence's volte-face was welcomed by the public on social media.
Speaking to STV Aberdeen, Spence said: "When Stewart Milne finalised the offer that was presented to us on Friday morning, we just decided it was not acceptable.
"We were in a position to step away from the agreement, and we, as a family decided for our own health's sake that we should do that.
"Stewart and I have been friends for 25 years, and I hope that will continue."
Spence's son Ross, who is currently head chef, is being lined up to take over at the hotel.
Stewart Milne declined to comment.