Private equity firm Blackstone Group, owner of Hilton Worldwide, has bought the Mint chain of hotels for a reported US$950m (£600m).

Founded in 1995 as City Inn by Sandy and David Orr, Donald McDonald and Bill Crerar, the chain consists of eight properties - seven in the UK and one in Amsterdam. The hotels were rebranded as Mint last year.

The sale follows the group's breaching its terms of debt with Lloyds in July 2010. In March this year it reported annual losses of £24.5m and debt totalling £417m.

It is expected that the eight Mint Hotels will now be repositioned as Double Tree by Hilton or Hilton Garden Inn.