The sale of 28 four-star Thistle hotels has been completed for more than £400m, property agent CB Richard Ellis said today.
Purchasers CIT are now expected to invest substantially to upgrade the properties to meet the new Thistle brand standards.
In a separate move, Realstar Group, co-owner and asset manager of the LRG portfolio has announced it is putting the 216-bedroom Holiday Inn Gatwick up for sale.
Ryan Prince vice-chairman of Realstar Group said: "The Gatwick disposition together with our recently announced sale of the Express in Strathclyde will rebalance both our airport assets and focus purely on core brand Holiday Inns and Crowne Plazas."
LRG constitutes Realstar Group, Lehman Brothers Real Estate Partners and GIC Real Estate.
CB Richard Ellis is also handling this sale, having completed the £32.5m deal Rocco Forte Hotels' St David's Hotel & Spa in Cardiff last week.
By Emily Manson