The owner of the Savoy, Saudi Arabian billionaire Prince Alwaleed, looks set to buy the iconic Plaza hotel in New York.
The move comes after the Plaza's controlling shareholder, Subrata Roy, who is chairman of Indian conglomerate Sahara which owns 75% of the hotel, was imprisoned in February for contempt of court after failing to appear at an investor fraud case hearing.
Roy is now trying to raise money to pay his £1b bail by selling his hotel assets.
Prince Alwaleed already owns the remaining 25% of the hotel and is reported to be prepared to do a deal with Sahara, according to the Daily Express.
"If the opportunity comes up whereby we can increase our stake we will," Alwaleed was reported as saying.
"We will look at the deal when it comes, when Sahara decides eventually to push the button and act on this matter."
Sahara also owns the Grosvenor House hotel on London's Park Lane but Alwaleed ruled out buying it from Roy.