Rival bidders have each offered more than £1 billion for the London Ritz Hotel.
Co-owner Sir Frederick Barclay, who bought the London landmark with his twin brother Sir David in 1995, also said any move to sell the establishment for "below the proper value would give rise to further litigation".
The former owner of The Scotsman newspaper group said: "I take great pride in the Ritz Hotel and its success ever since I personally wrote a £7.5 million cheque as down payment in 1995. There are 450 employees at the hotel who do a fantastic job. I can disclose that there have been a number of competing offers for this first class hotel in excess of £1 billion.
"I have no doubt that such offers will be considered so that the Ritz is sold at the right time and for a proper price. There is no place for any sale at less than full value. A sale below the proper value would give rise to further litigation. This would be regrettable.
The statement comes after media reports that bids were at around £700 million, less than the family had hoped for.
