Alias Hotel Group is on the market after its owners LHM bought out a contract with GuestInvest, the company behind the UK's first scheme to sell individual hotel bedrooms to investors.
A deal to buy back GuestInvest's contract to sell the room stock in three Alias properties in Cheltenham, Manchester and Exeter, was announced yesterday. No figure was revealed.
The for sale sign will now be hoisted above the entire Alias Hotels Group, which also includes a property in Brighton and one being built in Liverpool, which is due to open in mid 2006.
LHM sold the rights to sell its room stock to a joint venture between GuestInvest and Alias management for £30.4m in October last year.
LHM chairman Nicholas Dickinson said: "We came to the conclusion that, given the strength of the hotel market, our shareholders best interests would be served by buying out the Guest Invest contract and launching the group onto the hotel market."
Nigel Chapman, LHM joint managing director, said: "This deal keeps intact the Alias brand and enables us to move on. The market is buoyant and we expect there to be plenty of interest in Alias."
Christie & Co has been instructed to sell the company.
Jeremy Hill, head of hotels at the property agent, said: "We envisage there will be significant interest in a business that in five years has established itself as the leading mid-market lifestyle hotel group in the UK."
By James Garner
Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.