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De Vere Venues is reportedly close to agreeing a £230m sale of its conference venues, which is decidedly less than the £300m it was expected to fetch when it went on sale in April of this year.
De Vere Venues is a leading conference centre chain with over 30 venues throughout the UK.
The Starwood Capital Group, which acquired the rival Principal Hayley Group earlier this year, is understood to be the frontrunner in negotiations for the conferences division.
Meanwhile, in a new development, De Vere Group, which is part-controlled by Lloyds Banking Group, is understood to be preparing to hire JP Morgan to advise it on options for selling off the hotels in its De Vere Hotels and De Vere Village Urban Resorts brands, which are worth an estimated £600m.