LONDON-Alchemy has put a £250 million ($315.5 million) price tag on its portfolio of hotels and instructed Jones Lang LaSalle to sell them.

The venture capitalist bought the 13 hotels, known as the Paramount group, in 1998. Properties include the Carlton in Edinburgh, the Oxford Hotel in Oxford and the Imperial in Torquay. Over the last five years, group profits increased 40% to £25.2 million ($41.9 million) and turnover by 25% to £66 million ($109.7 million).

The disposal portfolio excludes the Chesford Grange in Warwickshire or the Queens in Leeds. These two hotels have been spun off into Quintessential, a new company funded by Alchemy and managed by the Paramount management team.

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