02 Oct 2006
GuestInvest to expand overseas following BOS joint venture
GuestInvest, the concept which gives investors the opportunity to buy their own room in a luxury hotel, is set to expand both in the UK and to at least 10 cities around the world following the signing of a £140m joint venture deal with Bank of Scotland Corporate (BOS).
Bank of Scotland will take a minority stake in GuestInvest, which has also announced plans to open a third London property.
The new hotel follows the group’s initial site, GuestHouse West in Notting Hill and the £35m Nest hotel which is set to open in Bayswater next year. Rooms start at £275,000 and 50 per cent of those at Nest have already been sold.
Owners can stay in their room for up to 52 nights per year and receive 50 per cent of the room’s income when it is let out.
Johnny Sandelson, CEO and founder of GuestInvest, said: “We are very excited to receive this cash injection from BOS and are delighted to welcome them on board as a strategic partner.
“The funding will enable us to take an exciting new asset class into the next stage of development and for us to continue to grow our property portfolio of buy-to-let hotels. We have aggressive plans to expand with further acquisitions in the UK and abroad.” Details: www.guestinvest.com
Photograph: GuestInvest founder and CEO, Johnny Sandelson
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