The US private equity firm that owns Hotel du Vin and Malmaison looks set to take over Village Urban Resorts as part of a £600m UK expansion.
The Times reported that KSL Capital Partners, has exchanged contracts to buy the 25-hotel Village chain from the De Vere Group for more than £480m.
The takeover will mark the end of the break-up of the De Vere Group by Lloyds Banking Group, which has seen De Vere Venues sold to Starwood Capital for £232m and the sale of its six De Vere golf resorts due to be finalised this month for £160m.
The firm behind the two iconic boutique chains is also believed to be in the final stages of negotiations to take over Great Scotland Yard in London, after reportedly outbidding Hong Kong-based owner of the Langham Hotel in London in the last round.
The former headquarters of the Metropolitan Police in Whitehall Place will then be converted into a five-star hotel under the Malmaison umbrella in a project rumoured to be costing an estimated £100m.
KSL is also close to further developing the Hotel du Vin brand, with new signings for properties in Stratford-upon-Avon and central London.