Terra Firma Capital Partners, the private equity firm founded by veteran financier Guy Hands, is considering an acquisition of the Malmaison and Hotel du Vin hotel chains, Sky News reports.

The portfolio, owned by Singapore’s Frasers Hospitality Group, comprises 37 hotels trading across 27 UK cities. Frasers acquired the business in 2015 for more than £360m and has since explored strategic options for the brands. Cushman & Wakefield is managing the auction process.

It remains uncertain whether Terra Firma, now overseen by Hands’ son Richard, will submit a formal offer. The firm has previously owned a string of prominent UK assets, including music group EMI, care homes operator Four Seasons Health Care, and military housing provider Annington Homes.

The Malmaison and Hotel du Vin chains have changed hands several times in the past two decades, including ownership under U.S. private equity firm KSL Capital Partners. Fortress Investment Group is also understood to have reviewed the opportunity in recent months.

A sale would mark another change in ownership for two of Britain’s best-known boutique hotel brands, as private equity interest in the UK hospitality sector continues to grow.

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