The Mayfair property, where rooms start from £450 a night, was the first hotel venture for Jeremy King and Chris Corbin when it opened in 2014.
The pair’s company relinquished the leasehold to Grosvenor in 2016 after struggling with financial difficulties, but continued to manage the site.
Now the five-star hotel is being sold by Grosvenor, with a reported asking price of £110m - £120m.
The Times reports that the sale of a long lease, which is being handled by JLL, is understood to have elicited bids from the Barclay brothers, who own The Ritz and The Daily Telegraph.
Corbin and King runs a number of London restaurants including The Wolseley, Brasserie Zedel and Bellanger.
The group opened a spin-off version of The Wolseley, Cafe Wolseley, at Bicester Village last month.