Administrators will this week fire the starting gun on a sale of nine hotels owned by flamboyant property tycoon Vincent Tchenguiz after the investment company that owned them went under.
The properties are operated by Hilton but owned by the Iranian-born mogul’s Zinc Hotels and had been up for sale for years before the company went bust in January owing a reported £250m.
The sale is a fresh blow to Mr Tchenguiz who, along with his brother Robert, has amassed a property empire with assets worth billions of pounds, and a reputation for extravagant living.
