Richard Balfour-Lynn, the head of Marylebone Warwick Balfour, and Sir David Michels, former chief executive of Hilton Group, have teamed up with Bank of Scotland and the Royal Bank of Scotland to float a hotel REIT worth £2.5bn. The Times

The REIT, likely to be called Vector, will pool between 60 and 80 hotels under the De Vere, Hilton and Marriott brands. Balfour-Lynn will be the principal executive director.

The Vector portfolio will include most of the De Vere and Village hotels that Balfour-Lynn's Alternative Hotel Group bought last year for more than £1bn in a venture with Bank of Scotland, as well as the former Insignia Style conference centres bought in 2005 for £325m now rebranded as De Vere Venues.