The sale of buy-to-let hotel operator GuestInvest has reportedly been put on hold after bids came in way below expectations.
Halifax Bank of Scotland (HBOS), GuestInvest‘s main backer, appointed administrator Deloitte to auction the business when it went into administration in October.
But the bids were believed to be unacceptable and HBOS will now lead construction of the remaining assets and find an operator for the hotels in a bid to sell them for a better price at a later stage, according to Property Week.
GuestInvest also owns Blakes, in Kensington, west London, in partnership with Sir Mark and Lady Weinberg. The hotel is in a subsidiary company that is unaffected by the administration, but would have formed part of any sale by the administrators.
By Daniel Thomas
E-mail your comments to Daniel Thomas here.
Looking for a new job? Find your next hotel job here with Caterersearch.com jobs