The River restaurant at the Savoy will reopen next year with the long-awaited refurbishment of the London hotel scheduled to start this autumn.
New owner Fairmont is expected to invest $40m (£21m) in the first stage of redevelopment, which will see the Thames Foyer revamped and the River restaurant reopen.
Previous owner the Savoy Group shut the restaurant in January last year. One insider said the closure had been "a mistake" and expected the renowned eaterie to reopen in 2006.
Guest bedrooms, bathrooms and corridors at the landmark hotel will also get a makeover, while the American Bar is expected to remain unchanged apart from a face-lift.
Canadian hotel group Fairmont signed a 50-year contract for the hotel, which was acquired by Saudi billionaire Prince Alwaleed bin Talal in January.
The initial cash injection of £21m is thought to be just a first step in returning the Savoy to its former glory.
Face-lift: first stage of Savoy redevelopment will cost £21m