Cirencester's 19th Century Corn Hall is to be sold for £650,000 with a promise that it will continue to be used for community events.
The new owners will allow the regular crafts markets to continue
Wildmoor Properties, which also owns the Kings Head hotel next door, will invest an additional £500,000 in repair and refurbishment of the building.
The private sale was agreed by Cotswold District Council.
The deal stipulates that craft markets and evening entertainment would continue under the new ownership.
The council-run Visitor Information Centre will also remain.
The hotel is due to close at the end of January when the proposed works on the two buildings and establishment of a connecting passage is expected to begin.
Wildmoor Properties director Mark Booth said: "The merging of the Kings Head and Corn Hall ownerships offers a unique and exciting opportunity to enhance both assets for the benefit of the town.
"It is our intention to preserve the existing community uses within the hall itself and we are pleased that we are able to keep the antiques and craft markets.
"We hope that we will also be able to identify other opportunities to maximise the use of the hall throughout the year."
Councillor Nicholas Parsons said: "This is a good deal for the people of the Cotswolds and we look forward to seeing the Corn Hall restored to its former glory."