PEOPLE living near Gleneagles Hotel will campaign to prevent it from falling into foreign hands.

The hotel, with a workforce of 500, is by far the largest employer in the area surrounding Auchterarder, Perthshire.

Speculation about its future has reached fever pitch after it was revealed last month that the five-star playground of the rich and famous was at the centre of a #100m takeover bid from American real estate agents. Financial sources believe three American companies - Patriotic American Hospitality, Meditrust, and Starwood Hotels and Resorts - have also shown interest.

Last month the US Blackstone Group bought over the upmarket Savoy hotel chain in a deal worth #520m.

British-based Diageo, which also owns Guinness, said yesterday it would be prepared to listen to any offers tabled for the 229-room establishment.

A spokesman said: ''We regularly hear rumours about the future of Gleneagles.

''If third parties were to make an approach to the company and these were deemed to be in the interests of the shareholders, then the board would have to consider them.''

Yesterday local MP Roseanna Cunningham said people in the area feared Gleneagles could become part of a large international conglomerate.

She said: ''The biggest concern is that it will lose its character and individuality by being integrated into part of a large 'identikit' chain.

''Big chains have a tendancy to impose a sense of uniformity on their hotels and we must make sure that does not happen with Gleneagles.

''Most people are concerned about this because the hotel is very important to the town of Auchterarder.

''Gleneagles is seen as a big part of the local culture and it is one of the biggest employers in the area.''

Councillor Keith Robertson, who represents Auchterarder East, said: ''The last thing I want to see is the stars and stripes flag flying high above the Gleneagles Hotel.

''Gleneagles is one of the most famous hotels in Scotland and any new owners should not be from outside the UK.

''If it was sold to Americans I think the hotel would lose a lot of its tradition and prestige.

''Hotels such as these should remain in the hands of the British, and preferably somebody Scottish.

''As a council we can try and heighten public awareness of the situation and try and raise the public opinion.''

Auchterarder and District Community Council will meet to discuss any ways to protect the hotel later this month.

Chairperson Carol Clark said: ''We have been in the dark over any takeover and nobody has really said if it will happen.

''We do not wish to see it happen. If it did I would hope to see the links with the community kept.''

Councillor Helen McDonald said: ''Gleneagles is a wonderful place and it should stay exactly the way it is. I am shocked and astonished that there is even a slim chance of it being taken over by companies in America. But I suppose it is early days yet and I will not be too concerned until something definite happens.

''To be honest I do not think it will be sold.''