UK-based private investors David and Frederick Barclay are to acquire the controlling stake in three London hotels: The Berkeley, The Connaught and Claridge’s.

The owners of the Telegraph Media Group are to raise their stakes in the parent company of Maybourne Hotel Group, which owns the three London properties, to 60% with the acquisition of a Derek Quinlan stake.

The Barclay brothers will buy a 35% stake in Coroin from Irish property entrepreneur Derek Quinlan to add to the 25% holding they purchased earlier, according to the Financial Times.

London-based Maybourne also owns stakes in The Berkeley and The Connaught.

According to estimates, the three London hotels are valued at $1.1bn to $1.5bn.