Buy-to-let hotel rooms offered

Investors are reportedly being offered to buy a stake in the UK’s first buy-to-let hotel, giving them free accommodation and “a slice of the action”. The Times reports that the scheme is being launched at the new Guesthouse West hotel, in Notting Hill, west London, where investors are being asked GBP235,000 for a 99-year lease on their room. For their investment, they will be allowed to stay in the room for up to 52 nights a year and will get “up to” 7% return on their money because for the rest of the year, the room will be let out. The idea is the brainchild of Johhny Sandelson, of GuestInvest Ltd, who reportedly told the newspaper that he was planning to roll out the concept over the next 18 months. He is quoted as saying: “We are re-engineering the hotel industry to give consumers a lucrative slice of the action. Until now, people wanting a place to stay intown either had to buy a flat or stay in a hotel. Now they can enjoy the benefits of both and get an attractive return on their investment.” Peter Gee, of TRi Hospitality Consulting reportedly said: “GuestInvest is one of the most innovative things to happen in the hotel property market in recent years and will have a major impact on the financing of hotels.” Report by Tim Gillett, News From Abroad