Gleneagles hotel is to be put up for sale with an expected price tag of more than £200m.
The news comes after owner Diageo said it had received "numerous expressions of interest" for the hotel since it hosted the Ryder Cup golf tournament in 2014.
The Perthshire hotel, which recently celebrated its 90th anniversary, has been under Diageo's ownership since 1984, three years after it was sold by British Rail to a consortium of British businessmen for £10m.
Diageo, which owns no other hotels, tried to sell it in 1998 but took it off the market after it failed to meet its expected £100m price tag. It is then thought to have tried to sell the hotel again around six years ago.
Now Jones Lang LaSalle has been appointed to seek possible buyers, and US private equity firm KSL Capital Partners, which owns the Belfry near Birmingham, was reported to be interested.
A spokesman for Diageo said: "Gleneagles is one of the UK's finest luxury hotels and one of the world's most fantastic golf resorts.
"We are sure there are many people who would love to own Gleneagles and have received numerous expressions of interest over the years, and particularly since the Ryder Cup.
"As you would expect, we have a duty to consider such interest carefully."