Two of London's leading hotels, the Sanderson and St Martins Lane, are on the verge of being sold to investors from Qatar.
In a deal worth £192m, the 150-bedroom Sanderson and 204-bedroom St Martins Lane are to be snapped up by the investors, who are thought to be close to the Al Thani family who rule the Gulf state, according to The Times.
It is believed that a further £15m will be spent on improving the two properties which are managed by the Morgans Hotel Group, on a long-term contract. The hotels - put on the market in April through Jones Lang LaSalle - are currently owned by Morgans and American property investor Walton Street Capital.
Ian Schrager, the founder of Morgans in 1982 and the creator of boutique hotels, has recently launched the first in a new group of limited-service, lifestyle hotels called Public in Chicago.
By Janet Harmer
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