Vector Hospitality, the hotel REIT set up by Richard Balfour-Lynn, is to give Sir David Michels, shares worth more than £1m as part of its £2bn flotation. The Times

Former Hilton Group chief executive Michels, who is a director of Vector, will also subscribe for £500,000 of shares at the launch price of about £10.

At least 10% of the estimated £2bn share issue will go to 'retail investors', who can apply for a minimum £1,000 stake.