The group said that the sale of the hotels will allow Arora to focus on its portfolio of "large hotels in key UK city and airport hubs and position the group for further expansion".
Two other Arora hotels - the Hilton London Heathrow Airport and the Arora Hotel Heathrow - were sold last year.
Arora Hotel Gatwick/Crawley
Surinder Arora, founder and chairman of the Arora Group, said: "This is a unique opportunity for a hotel operator to rebrand the Arora Hotel Gatwick/Crawley to further capitalise on its vibrant local market and strategic location close to the airport in the heart of the dynamic Gatwick Diamond business region.
"The substantial investment and renovation at the newly-opened Holiday Inn Heathrow Terminal 5 combined with its proximity to Terminal 5 and franchise with InterContinental Hotels Group (IHG) will make this small yet high quality hotel most attractive to prospective purchasers."
The sale of the two hotels is being handled by Rob Seabrook, executive director, CBRE Hotels.
Holiday Inn Heathrow Terminal 5
Arora Hotels was founded by Surinder Arora in 1999. Following the sale of the two hotels, the group will continue to own four hotels: the Sofitel London Heathrow and Sofitel London Gatwick, both of which are managed under a franchise agreement with Accor, and the Renaissance London Heathrow which operates under a similar agreement with Marriott. It also owns the Savill Court Hotel & Spa, near Windsor. Later this year Arora will open the £121m, 453-bedroom InterContinental London - The O2, as a joint venture with a consortium of investors.