A deal has been finalized that will see the Marriott banner on the historic Algonquin Resort in St. Andrews, New Brunswick's tourism minister said Thursday.

Trevor Holder said details would be announced Friday at the hotel which overlooks the Bay of Fundy.

New Castle Hotels and Southwest Properties have been in negotiations to buy the Crown-owned property and operate it as a Marriott.

The province launched the search for a new operator in February 2011 after Fairmont Raffles Hotels International announced it would not renew its management agreement.

The government said the century-old resort needed repairs and upgrades worth $20-million.

Holder said work would begin right away.

"The agreement that we have in place will address the concerns that have been there over the last few years and we will have a first-class, world-class facility that we can be proud of," said Holder.

The renovations are expected to be completed by next spring.

Holder said the publicity about the Bay of Fundy in the recent New Seven Wonders of the World competition is expected to boost the number of people visiting the area over the next few years.

"The Algonquin is certainly one of those wonderful, iconic and historic properties that will appeal to the people that are going to visit the Bay of Fundy," he said.

The Tudor-style hotel opened in 1889 and the resort also features a golf course.

The Canadian Pacific Railway Co. bought the hotel in 1903 and it was sold to local owners in 1970. The province leased the hotel in 1973 and bought it in 1984.

The hotel's guest list has included Sir John A. Macdonald, Theodore Roosevelt and Princess Diana.

The resort employs 60 people year-round and 250 during the tourism season.