De Vere's Cavendish hotel looks set to be bought by the Barclay brothers for £100m, according to The Times newspaper.
The brothers, who own the Telegraph Group and the Ritz hotel, also in Piccadilly, London are understood to have agreed the deal with the hotel's new owners, Richard Balfour Lynn's Alternative Hotel Group (AHG).
The four-star, 230-room hotel in Jermyn Street is the second De Vere property to be sold off 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.
By Emily Manson
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