BIL to put two London Thistles on the market

Investment firm BIL has announced plans to sell two of its Thistle Hotels, in London, for a combined total of about £60m amid rumours that more properties could follow.

Singapore-based BIL, which bought Thistle earlier in the year after increasing its previous stake of 45.8%, is offloading the 375-bedroom Thistle Islington and the 211-bedroom London Ryan near King's Cross. Property agent Christie & Co has been appointed to handle the sale.

The move itself is unsurprising as Arun Amarsi, appointed as Thistle chief executive after the takeover, had previously predicted that sales would follow a review of the property portfolio. However, BIL is believed to be considering selling off further London properties from its 56-strong portfolio.

While details aren't yet clear, the company would be sure to attract a lot of interest were it to sell prime properties such as the Royal Horseguards, which has previously attracted interest from chains such as Orient-Express.