David and Frederick Barclay, the billionaire brothers behind the Daily Telegraph, are eyeing a £600m bid for the Grosvenor House hotel on Park Lane in London.
The brothers, who also own the Ritz, the Spectator magazine and online retailer Shop Direct, are in talks with the hotel’s owner - Indian tycoon Subrata Roy - who was arrested in early 2014 for allegedly defrauding investors but was later released on parole.
Roy, the boss of Sahara Group, snapped up Grosvenor House and majority stakes in the Dream Downtown and Plaza hotels in New York between 2010 and 2012.
He has been trying to sell the hotel for three years to help raise $1.6bn (£1.3bn) bail, according to the Sunday Times.
Other suitors who have tried to buy the hotel include the Qatar Investment Authority and a consortium formed by Saudi investors.
The Barclay brothers, Roy and the Qatar Investment Authority did not respond to requests for comment.