Award-winning chef David Wilson and his wife Patricia have owned the business for some 33 years and have now decided to sell it in order to retire.
Originally a coaching inn, the Peat Inn is situated just six miles from the famous golfing and university town of St Andrews, Fife.
It includes a 48-seat restaurant and eight letting suites, as well as a four-bedroom manager/owner's flat, and staff accommodation.
At present, the business only trades five days a week, leaving scope for expanding the business.
David Wilson said: "Enthusiastic new owners could easily extend the building to increase turnover and Patricia and myself
very much hope that the business will stay privately owned by people who have the enthusiasm to run a high-quality, traditional country inn and offer the same high standards we have offered our customers over the years."
Freehold offers in excess of £750,000 are being sought.