A derelict building that has been the target of several arson attacks could make way for a new hotel under council plans.
Contracts have been exchanged between the owners of the Quality Inn hotel and Plymouth City Council which deems the building an "eyesore, after becoming a magnet for anti-social behaviour".
The authority plans to demolish the 10-storey building.
It said the site would make an "amazing location" for a new hotel.
Council leader Tudor Evans said: "We cannot let this eyesore blot our stunning waterfront.
"We want to make it work for the city and are already talking to a number of interested parties."
The hotel, which was built in the late 1960s, closed two years ago.
The council said it could not reveal how much it would pay owner Tamar Properties (Canterbury) Ltd because "commercially sensitive discussions" were ongoing.
It added that contracts had been exchanged, with a report on buying the property to be discussed by the Cabinet later.