EasyJet founder Sir Stelios Haji-Ioannou is gearing up for a possible float of his low cost hotel chain this summer.

Banking group Investec is reported to have been appointed to advise on the listing of easyHotel.

Sir Stelios is expected to cut his 100% stake in the budget hotel chain to below 50% as part of the proposed listing on the Alternative Investment Market, The Times reported.

EasyHotel has 21 properties including franchised hotels in the UK and in locations which include Berlin, Dubai and Johannesburg.