Cliveden deal "within a couple of months"

Cliveden, the stately-home hotel in Taplow, Berkshire, is close to finalising a deal for its re-financing.

Cliveden group, which also operates the Royal Crescent Hotel in Bath and the Cliveden Townhouse in London, has been in negotiations to attract a new major investor for some time. The change is being driven by investment bank Lazard, which wants to sell its 65% stake in the group.

Laurence Beere, general manager of the hotel, confirmed this week that there are "continuing discussions" on a new deal, but would comment no further because of confidentiality agreements.

However, it is understood that Cliveden wants to replace Lazard with another investor rather than sell out to another hotel group. Insiders say that negotiations should be completed "within a couple of months".

The other current investors in Cliveden include its management company Destination Hotels & Resorts, which is in turn owned by Los Angeles-based property developer Lowe Enterprises and has a 25% stake.

The remaining 10% is held by Cascade, a personal investment company of computer tycoon Bill Gates.

by David Harris