A property investment company, whose investors include Sir Alex Ferguson, the Manchester United manager and Simon Cowell, the wealthy television celebrity, will today unveil plans to sell a package of six hotels worth an estimated £350 million.

aAIM Group is looking to sell at least 50 per cent of its equity in six hotels operated by Principal Hayley Group, the hotel and conference centre operator.

The hotels, which include the Hotel Russell in London and The George in Edinburgh, were acquired by aAIM for about £275 million at the end of 2006 under a sale and leaseback deal yielding 5.75 per cent based on current rent. HBOS supplied debt funding of about £230 million.

The investment firm said its preference was to sell a 50 per cent interest in the properties, although it said it had received expressions of interest to acquire both the entire portfolio and the individual hotels. It admitted that some of the interest was on a vacant possession basis, although there was no question of Principal being evicted as operator.

It is understood that aAIM, which has appointed Christie & Co, the property agent, to handle the process, values the six hotels at up to £350 million on a vacant possession basis.

A source close to Principal, which is backed by Permira, said last night: “These assets are fundamental to the group and there is no way we would consider disposing of them. Our business plan is predicated on acquisitions and disposals are not on the agenda.”

The decision to canvass interest in the six properties comes a few weeks since the collapse of the planned acquisition by aAIM of Kew Green Hotels and 18 former Queens Moat Houses (QMH) properties in separate transactions totalling about £600 million. Both deals fell victim to the credit crunch, although property sources believe the QMH deal may not be completely dead.

The firm is no stranger to the hotel industry, having teamed up with Robert Tchenguiz, the property entrepreneur, in October 2006 to buy Menzies Hotels for £180 million. It later sold out to Mr Tchenguiz, giving him outright control of the business.

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