Eleven former Queens Moat Houses hotels are to be sold for more than £130 million to US investment firm Marathon Asset Management.
The hotels are being disposed of by Goldman Sachs, which acquired the troubled group for £544 million in 2004 through its Whitehall Street fund, The Times reported.
The 11 hotels that are being sold have about 2,000 rooms and all but one are run under InterContinental Hotels Group’s Crowne Plaza and Holiday Inn franchises.
The Moat House brand, once one of the UK’s biggest chains, all but disappeared in 2005 after QMH signed a franchise deal with IHG.
Marathon is understood to have exchanged contracts on a deal worth about £135 million after outbidding rivals including Apollo Global Management, the newspaper reported.