The Hilton Brighton Metropole hotel is set for an "extensive" multi-million pound refurbishment as part of a new partnership between owner Topland and developer First Base.
Topland, which acquired the 340-bedroom property in 2011, and First Base plan to undertake an extensive refurbishment of all the guest rooms and public areas, "carefully restoring" the heritage of the while giving it "a new lease of life".
Subject to planning approval, the plans also include a new open, accessible landscaped courtyard and the development of new homes in the area.
William Davies, director at Topland, said: "This agreement, once finalised, will represent a considerable investment into one of Brighton's best-known landmarks."
Barry Jessup, director at First Base, added: "Working alongside Topland, we look forward to breathing new life into such an iconic Brighton landmark to secure the Metropole's future success and deliver social and economic benefits to the city."
The hotel, located on Brighton's seafront, originally opened in 1890 and received a £2m facelift in 2004. It will host the Labour Party Conference in September.