WA Shearings, the coach holiday firm, has sold 39 of its UK hotels in a sale and leaseback deal valued at £110m.
The buyer is the Moorfield Real Estate Fund The Moorfield Group is one of the backers of operator Kew Green Hotels.
The yield on the portfolio of hotels is just over 6%. They are held on 25-year leases with annual, CPI-linked reviews.
Shearings will control a planned £25m capital investment programme for the properties scheduled to be spent over the next five years.
The deal comes a year after Shearings merged with the Coach Holiday Group, the owner of the Wallace Arnold brand. This saw Coach Holiday's backer, private equity firm 3i, take-out Shearings' venture capital investor Bridgepoint.