Fast-expanding hotel operator Folio Hotels has added 19 new sites to its portfolio, taking its collection to 27 properties.
Folio, which was formed in 2005 by two ex-Corus Hotel directors, has agreed to lease the sites from Washington Hotels, a company created for the deal.
Washington, which is owned by the Landesberg and Rosenberg families as well as Galliard Homes, paid Corus Hotels £116m today for the sites.
Folio chief executive Nicholas Crawley, who ran the hotels previously as managing director of Corus (then Regal Hotels), said: "I'm delighted that I have had the opportunity to take on a collection of very nice properties I know and like."
Crawley said Folio would look to upgrade the predominately three-star hotels to four-star standard as soon as possible in a multi-million pound investment programme.
Most of the hotels are located in England, with two in Scotland.
Folio already manages the Richmond Hill and Gate hotels and the St James's Club in London, as well as Ye Harte & Garter in Windsor.
By Chris Druce
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