The Bridge Hotel at Sutton Bridge was once the hub of village life with its 80-seat restaurant, function suite for 200 people, lounge bars and meeting and conference rooms.
But, since it closed its doors around half a dozen years ago, it has gradually slipped further into decline and has become a target for squatters and vandals who have smashed windows and trashed much of the interior.
Parish councillor Jenny Rowe remembers the heyday of the hotel and wants a new owner to step in and bring back the glory days.
She said: “It was great. It was always the flagship of the village.
“Everyone had their weddings there. There used to be discos and parties, they had a wonderful big old dining room that was packed for Sunday lunch and all the businesses here had their functions there.
“It was a lovely old place. It’s not a listed building but it is a building of historic interest.”
The 21-bedroom hotel sold at auction in 2010 for £195,000.
Last year it was on the market with Davey and Co with an asking price of £395,000 but now the company is looking for offers over £325,000.
Jenny said: “They used to let out 19 bedrooms.
“It’s the only hotel between King’s Lynn and Boston that can accommodate so many different functions.
“I am really surprised that JD Wetherspoon or somebody like that haven’t considered taking it on board.”