The Celtic Manor Resort is set to acquire the 148-room Hilton Newport, with contracts likely to be finalised at the end of March.
The acquisition will add to Celtic Manor’s portfolio of 13 luxury Hunter Lodges.
In addition to the 148 rooms, the property also has nine meeting rooms, a bar, lounge and restaurant.
The new owner plans to continue running its latest acquisition as a hotel, but under a new name.
Ian Edwards, chief executive of the Celtic Manor Resort, said: “We are extremely pleased to be exchanging contracts to acquire Hilton Newport and look forward to working with the experienced team there as the hotel transitions to our ownership and management.
“The property is in a wonderful position very close to Celtic Manor and enjoying the same immediate access from the M4 motorway. I am sure it will prove very popular with guests staying at the Celtic Manor Resort.”