Singapore-based BIL International has admitted that its Thistle Hotels division is in talks to take over the lease of London's Cumberland hotel.
BIL chief executive Arun Amarsi said in a statement: "Thistle has been in negotiation to take a long-term lease of the Cumberland hotel."
But he added: "To date, no lease agreement has been signed."
BIL said it would make an announcement when the negotiations were completed.
The 1,020-bedroom Cumberland is owned by Royal Bank of Scotland and was formerly part of Le Méridien.
It is scheduled to complete a £90m renovation at the end of this month.
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