Private equity firm Blackstone looks set to buy hotel group Mint for an estimated £575m.
The US company, which also partially owns Hilton, is believed to have seen off a bid from rival investment house TPG, according to the Sunday Times.
In January this year, Mint owner David Orr announced he was looking for a new partner to help grow the business.
Expansion plans include a third London hotel as well as establishing properties in other key European cities including Paris, Barcelona, Madrid, Rome and Milan and - in the longer term - even in the USA.
The group currently has seven British hotels and one in Amsterdam. It was founded in 1995 by Orr and his father Sandy as City Inns and rebranded Mint in 2010.
By Emily Manson
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