If all goes as planned, Hotel Fredonia in Nacogdoches will have a new owner in three months.

Restaurateur Richard Dewitt said Friday he has entered into an agreement to possibly buy the landmark. DeWitt has a contract with Texas State Bank that says a 90-day due-diligence is required.

The bank says over $4 million is owned on the property. T

exas State Bank wrapped up foreclosure on Hotel Fredonia in December, securing three liens on the property and inventory for more than $2.2 million.

Former owner Susan Reents closed the property in November 2013.

DeWitt owns Clear Springs and Auntie Pasta's Restaurants in Nacogdoches, as well as other properties in Texas.