October 3, 2008

It's Goodnight for GuestInvest

We've all seen the Tube ad's for GuestInvest, inviting us to earn money while we sleep; and a year ago the company CEO was on CNBC assuring investors that there were no obvious clouds on the London property market. But it's now a long stormy goodnight with lot's of clouds as the company has just been put into administration.
GuestInvest launched in 2004 introducing the concept of hotel room ownership to the wider public. Marriot and other hotel chains run similar schemes for their more discreet customer base, but GuestInvest, backed by now defunct HBoS group; marketed themselves aggressively and also included some of West London's more prestegious boutique hotels in their portfolio, the most famous being Anouska Hemple's Blakes Hotel; the well known celebrity hang-out spot. According to the FT however, Blakes is not in any form of insolvency and will continue to trade as normal. While GuestInvest had been planning to sell Blakes rooms for £1m each, none had been sold and Blakes is still operating as a traditional hotel.
GuestInvest is the second well known victim to the HBoS collapse, the first being Imagine Homes, lead by the flamboyant Grant Bovey, who announced a ‘strategic review of their relationship' back in July of this year, before it was made public that HBoS was going under

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