De Vere, the hotel and leisure group, has sold its De Vere Venues business to US investment firm Starwood Capital for £232m.
De Vere Venues currently operates the De Whites Hotel in Bolton, The Studio in The Hive in Manchester city centre, the 52-bed Cheadle House near Manchester Airport and Wychwood Park near Crewe, Cheshire.
The venues business has 30 sites and 3,000 bedrooms across the UK. It is headquartered in Warrington.
Royal Bank of Scotland and Barclays Bank provided a £140m facility to assist Starwood Capital with the acquisition.
Following the disposal, the company will have 27 Village Urban Resorts, including two under construction, and six De Vere Golf Resort hotels.