US-based hotels consortium Leading Hotels of the World is buying its first hotel in London.
The 75-bedroom Cadogan hotel, in Sloane Street, is being sold to a partnership headed by the consortium, which represents 400 hotels worldwide for sales, marketing and reservations services. The other parties involved in the deal have not been named.
Spokesmen for Leading Hotels of the World, both in America and the UK, refused to comment on the deal until it had been finalised, but it is understood that contracts have been signed and the sale is due for completion on 5 August.
Richard Broyd, who bought the Cadogan in 1990 and who is chairman of Historic House Hotels, is selling the property for an estimated £14m. He said he was selling it to focus on his three country house hotels: Bodysgallen Hall, Llandudno, Gwynedd; Hartwell House in Aylesbury, Buckinghamshire, and Middlethorpe Hall in York.
Staffing at the Cadogan will not be affected by the sale, and general manager Lionel Chatard said he was "extremely excited" by the news.