GuestInvest goes into administration

GuestInvest, the company that introduced Britain to buy-to-let hotel room investment and owner of the celebrity-favoured hotel Blakes, has gone into administration.

Anousha Sakoui, FT.com - 3 Oct 2008

A spokesman for Deloitte said Nick Edwards and Nick Dargan were appointed administrators to GuestInvest Group on Thursday.

The company, founded in 2003 by the entrepreneur Johnny Sandelson, allowed private individuals or companies to buy a luxury hotel room, stay there for free for up to 52 nights a year but receive a rental income from its use during the rest of the time – an investment that netted room owners returns of more than 8 per cent.

The business was advertised across London buses, tubes and taxis under the slogan “Earn money while others sleep”. Full article