Hotels and leisure property advisor GVA Humberts Leisure has been instructed to sell the landmark hotel on Blackpool's South Promenade.
The former owner, Pat Mancini passed away recently.
David Coupe, from Coupe Bradbury solicitors and executor of Mancini's estate, said: "It was Pat's wish that following her death, the hotel would move into the ownership of a party who would be eager to see the business continue and go from strength to strength and who would also enjoy the same happiness and success in running this hotel as was enjoyed by herself and Rudi over many years."
Ben Brown, senior surveyor at GVA, added: "This is a fantastic opportunity for an experienced hotelier or investor to purchase one of Blackpool's best known hotels, which benefits from a high level of repeat custom from both individual holidaymakers and coach tour operators. We have had significant interest in the hotel already and are confident that it will not be on the market for long."
The hotel has a cocktail bar, foyer bar, theatre bar and residents' bar and can cater for 240 people at its restaurant. The hotel also features leisure and conference facilities and sun lounge with views of the sea front.