BANGKOK, Thailand (AP) _ A high-profile takeover battle for the owner of a top Bangkok luxury hotel appeared to be nearing an end Thursday as the U.S. investment firm Goldman Sachs raised its offer and a rival bidder declined to match it.

Goldman Sachs currently holds a 32.33 percent stake in holding company Rajadamri Hotel, which owns the five-star Regent HotelRegent.

It has been locked in a bidding battle with Thailand's Royal Garden Resorts _ which owns 24.7 percent of Rajadamri Hotel _ for control of the hotel company.

Goldman Sachs' financial adviser on the deal, Asset Plus Securities, said Thursday that the U.S. investment bank will offer 48 baht, or $1.29, a share for another 20 percent stake in Rajadamri.

Royal Garden's chief executive, Bill Heinecke, said his company has made a final offer of 43 baht, or $1.16, for another 10 percent stake. He said Royal Garden increased its tender offer from 42 baht to match Goldman Sachs' previous offer but wasn't interested in a bidding war.

He said that even though Goldman Sachs' offer values Rajadamri Hotel at a higher price, major shareholders won't sell to the bank.

``My belief is that they won't be able to get majority control,'' said Heinecke.

Asset Plus president Kongkiat Opaswongkarn said Goldman Sachs will pay 48 baht for the first nine million shares tendered, and 38 baht, or $1.02 a share, for any stock tendered after it gets the additional 20 percent stake.

Thursday was the deadline by which Goldman Sachs and Royal Garden Resorts had to submit final tender offers to Thailand's Securities and Exchange Commission.

The fight began in April when Goldman Sachs outbid Heinecke's company for a 33 percent stake from a Japanese investor in Rajadamri Hotel.

Goldman followed up the acquisition by making a tender offer for the rest of the company.

Other major shareholders include the Crown Property Bureau _ the investment arm of Thailand's royal family _ and Thai Farmers Bank. About 10 percent of the company is traded on the Stock Exchange of Thailand.

Goldman Sachs has other hotel holdings, including a 30.91 percent stake in Dusit Thani Hotel, another luxury hotel in Bangkok.