LONDON (Bloomberg) — CIT Group, an investment company, is set to purchase 28 Thistle Hotels for about 400 million pounds ($792 million), The Times reported on Saturday, citing trade journal Estates Gazette.The properties are jointly owned by Thistle, Morgan Stanley Group and Midlands, England-based entrepreneur Andy Ruhan, The Times reported. CIT will own and manage 20 of the hotels and sell the remainder, the newspaper said.

Thistle is owned by BIL International Ltd., a Singapore-based hotel and investment group controlled by Malaysian billionaire Quek Leng Chan.