The billionaire Reuben Brothers have sold their shares in New York-listed hotel company Belmond in a deal that could net them more than $300m (£236m).
Belmond was acquired last month by Paris-based LVMH, which owns luxury brands such as Louis Vuitton and Christian Dior, in a $3.2bn deal, seeing off competition from private equity buyers.
Reuben Brothers bought into Belmond in 2007 and was the largest shareholder in the company as of the third quarter of 2018 with around 12.5m shares, meaning the deal could lead to a $300m payday.
Reuben Brothers owns a range of hotels including The Curtain Hotel and Members Club in Shoreditch and the Hilton Garden Inn with a hospitality suite for around 400 guests at the Doncaster Racecourse.
The Reuben brothers, David and Simon, are among the richest people in Britain, with an estimated net worth of £13bn in 2016.
LVMH acquired the Belmond group at $25 per share in a deal that valued Belmond at $2.6bn, that rises to $3.2bn when debt is taken into account.
Reuben Brothers held approximately 12.5 per cent of the shares in the company.
The deal gives LVMH control of the Copacabana Palace in Rio de Janeiro and Hotel Splendido in Portofino as well as train services like the Venice Simplon-Orient-Express and Belmond Royal Scotsman, and cruises such as Belmond Afloat in France and Belmond Road to Mandalay.