Rentokil Initial is set to announce the sale of its conference centres division, including three Hampshire hotels, within days, it has been reported.
A consortium led by Richard Balfour-Lynn, boss of property firm Marylebone Warwick Balfour, was said to be up against investment firm Dawnay Shore Hotels in the battle for the business.
The pair are believed to be the two final bidders for Initial Style Conferences from an original field of about 20.
Style was acquired in 1996 and operates 29 centres around the UK which provide facilities for conferences, meetings and training.
They include the 110-bedroom New Place Hotel, a Grade I manor house at High Street, Shirrell Heath, plus Warbrook House and Highfield Park, both near Hook.
The disposal is expected to bring in at least £300 million.
Marylebone Warwick Balfour owns and operates 15 Malmaison and Hotel du Vin hotels across the UK and the Liberty store on London's Regent Street. Dawnay Shore Hotels is a joint venture between investment firms Dawnay, Day and Shore Capital.
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