The De Vere Group, which has just announced the sale of the Esplanade hotel for £15.

million gross, is also the subject of ongoing speculation about a buyout.

The listed company confirmed last week that it was considering a preliminary approach, rumoured to be from the Blackstone Group – the same US investment company which is buying Center Parcs UK.

De Vere Hotels announced on Friday that contracts had been exchanged on the Jersey hotel.

Local management declined to comment, but a head office spokesman said the Grand Hotel would have required ‘significant investment’ to produce the required level of return.