The Barclay brothers, owners of the Telegraph Group and The Ritz hotel in London’s Piccadilly, are reportedly set to acquire the De Vere Cavendish Hotel for an estimated £100m.

According to The Times, the deal was agreed between the brothers and Richard Balfour-Lynn’s Alternative Hotel Group (AHG), which has just completed a £1.1bn acquisition of the De Vere Group.

The Cavendish is situated in London’s Jermyn Street and is a four-star hotel which De Vere acquired from Granada in December 2000 for £60m.

Since acquiring De Vere, AHG has also sold the Carden Park hotel and golf complex in Cheshire for £42m to Steve Morgan, who owned 13 per cent of De Vere’s shares.

The Times also reports that AHG has also ‘parted company’ with Carl Leaver, De Vere’s chief executive, who left the company last week with the group’s finance director, Matthew Fearn. Details: www.devere.co.uk

Photograph: The Ritz hotel, London