Active Asset Investment Management (AAIM), the international property investor and fund manager, today confirmed it had bought a portfolio of six luxury hotels from private equity firm Permira for £270m

The transaction was initiated and arranged on behalf of the Symmetry Fund, AAIM’s £2bn joint venture with Bank of Scotland.

The portfolio comprises the George in Edinburgh, the Royal York in York, Selsdon Park in Surrey, the Met in Leeds, the Palace in Manchester and the Russell in London.

The hotels provide a total of 1,310 guest rooms and 80 meeting rooms.

Hotel operator Principal Hotels, which is owned by funds advised by Permira, has agreed to occupy all six properties on a 25-year, sale-and-leaseback basis.

Around £50m has been invested in the properties over the last five years and AAIM has committed itself to investing a further £20m during the course of its investment.

AAIM was set up in January 2003 by Mark Tagliaferri, Robert Whitton and Stuart Le Gassick. It has completed more than £1bn of commercial property transactions in the UK and Europe since its launch.