De Vere's Cavendish hotel in London's Piccadilly is set to be bought by the Barclay brothers for £100m.
The entrepreneur twins, who own the Telegraph Group and the Ritz hotel, also in Piccadilly, are understood to have agreed the deal with the hotel's new owner, Richard Balfour Lynn's Alternative Hotel Group (AHG).
The four-star, 230-bedroom hotel in Jermyn Street is the second De Vere property to be sold by AHG since it completed a £1.1b deal for the group last month. The first was Carden Park hotel in Cheshire, which was sold to De Vere shareholder Steve Morgan for £42m.
AHG chief executive Balfour Lynn said there were no plans to sell off further properties.
By Emily Manson