Buy-to-let hotel rooms group GuestInvest in administration | guardian.co.uk

The company that introduced the concept of buy-to-let hotel rooms, boasting that investors could "earn money while others sleep", fell into administration yesterday. GuestInvest owned Blakes Hotel in London's Mayfair and was developing a string of other hotels, including one on the site of the former Whitbread Brewery in the City of London. HBOS owned 19.9% of the company. Hundreds of investors paid upwards of £250,000 for a GuestInvest hotel room where they earned 50% of the room rate plus the right to stay for 52 nights a year. The rooms at Blakes were on sale for £1m each but were rumoured to have found few buyers.