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A Grade II-listed building that once housed council offices could become a luxury spa hotel.
Cheltenham Borough Council placed the Municipal Offices on the market in September 2024 and has now selected Almiranta Capital as the preferred bidder.
Developers hope to transform the building, based in the heart of the town, into a hotel with 125 rooms, a spa, and event space.
Mario San Jacinto of Almiranta Capital said: "We want to create a place where visitors and local people will come together socially and for business, which is well connected to all that Cheltenham and the Cotswolds have to offer."