Cookson Selway has had a problematic childhood (his mother dressed him as a girl and his father was a murderer) and a complex youth (after dealing cocaine and becoming an alcoholic, he went into the restaurant business, made a fortune and retired at thirty-nine). Now 44, he is settled into wealthy middle age, living in Massachusetts with his wife, Ellen, a mystery writer, and his teenage daughter, Jordan. When Jordan goes away to boarding school, Cook and Ellen move to London so that Ellen can research a new novel.

Cook, always unconventional, sometimes sees things no-one else can, and in England, his condition, whatever it is, becomes worse. He begins to believe that the Willerton, the old hotel he and Ellen stay in, is haunted. He encounters three "ghosts," a small boy, an adolescent girl, and a man about his own age who is always drunk and repulsively lascivious. He learns that, years before, a girl died after jumping or falling from an upstairs window. It is rumored that she had been sexually abused by her drunk uncle. The only other person who seems aware of the ghosts is Pascal, the French bellboy, who soon becomes Cook’s ally.

Cook begins acting increasingly strangely, and his wife and the people she befriends (in particular the Sho-pans, an elderly Chinese couple) are convinced that Cook has started drinking again or is having some kind of mental breakdown. The reader is never given a final explanation for what happens; the "ghosts" certainly seem to reenact events from the hotel’s history, but they are also deeply linked to Cook’s own obsessions. They are all, perhaps, aspects of himself. Both fascinated and horrified, he is unable to reject them, even as his obsession estranges his wife. Only when it causes the death of Pascal is he able to leave the hotel and, perhaps, the ghosts. The couple return to America, and tentatively begin to recover.