The firm, which is Scotland’s oldest registered trading company, is buying Peebles Hydro and the Park Hotel in the same Borders town from McMillan Hotels.
The deal was announced at midday after staff had been informed.
Crieff Hydro also said it has formed a joint venture to manage a further four hotels – three on Scotland’s west coast and one in Harrogate in Yorkshire – alongside owner Freedom Hotels.
Crieff Hydro chief executive Stephen Leckie said the firm would seek to “develop and enhance” the facilities in the hotels it is taking over.
“Apart from investing to develop facilities, we’ll have a particular focus on bringing together all the local elements,” he said. “Engaging with partner businesses and understanding what local customers want from these hotels will be really important to us.”
The moves will add about £10 million in revenues to Crieff Hydro.
The four Freedom hotels are owned by Belfast based businessman Colin Johnston, who bought them out of insolvency and leased out their management.