Menzies Hotel Group has been sold by its private equity backers to property investors Aaim and R20 in an exit deal worth £190m.
In the summer backer Nikko Principal Investments (NIPL) also sold the Menzies Salcombe hotel in south Devon for around £10m.
Simon Oakland, principal of NIPL, said: "Through a combination of investment in the core estate, carefully targeted acquisitions and the leadership of Nick Menzies, we have been able to realise a return in less than two years that very nearly doubles our equity investment and that of the Menzies family."
R20 is the investment vehicle of Robert Tchenguiz. Through it he owns the Globe Pub Company and Laurel Pub Company.
Tchenguiz made an abortive attempt to seize control of pub giant Mitchells & Butlers early this year and still holds a notable stake in the company.
Aaim was founded in January 2003 by property investors Robert Whitton, Mark Tagliaferri and Stuart Le Gassick.
NIPL backed a £120m secondary buyout at the company in December 2004.
Menzies has bought the Menzies Glasgow hotel since in May 2005 and the Menzies Cambridge hotel in January of this year.
By Chris Druce
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