An entrepreneur who has launched a buy-to-let hotel scheme says he has been inundated with potential investors and is now planning a £300 million investment.
As reported, GuestInvest opened the first buy-to-let hotel in London in March, and so far, 17 of the 20 rooms available to buy have been snapped up. Buyers get to use the rooms 52 days a year, while the rest of the time it is let out.
GuestInvest guarantees a return of at least five per cent in the first year; at the first hotel, the Westbourne Grove, the rooms sell for £235,000 and occupancy is currently running at 80 per cent.
Now, the Daily Telegraph reports, GuestInvest’s director Johnny Sandelson says, expansion will follow: “We had over 8,500 inquiries from people wanting to buy and asking if we planned to open hotels elsewhere. I know it is ambitious but there are so many people who want to do this.”
Report by Tim Gillett, News From Abroad
