The Barclay brothers are understood to be close to purchasing Corbin & King's the Beaumont hotel after it was put on the market by property group Grosvenor.
The Times reports that Sir David and Sir Frederick Barclay, who also own the Ritz, London have agreed to buy the lease for between £125m and £140m.
The brothers are reported to have outbid four other interested parties, including Christopher Corbin and Jeremy King.
Corbin & King initially held the leasehold on the Beaumont, but in 2016 they relinquished it to Grosvenor after running into financial difficulties stemming from an over spend on the hotel's opening costs. As a result the two parties agreed that Corbin & King would "manage and operate the Beaumont and Colony Grill (the hotel restaurant) on a management contract for Grosvenor, replacing the previous landlord and tenant arrangement".
In awarding the Beaumont last year's Catey award, the judges described the hotel as "a modern classic " and "a fantastic new addition to the London hotel firmament, one that will show staying power over many years".
The Caterer - contacted Corbin & King and Grosvenor for comment.
The sale of the Beaumont is being handled by JLL.