Luton Hoo, one of the finest stately homes in the UK has been put up for sale by its owner, Elite Hotels.

Bought for around £10m three years ago, Elite is putting the property up for sale through agents Knight Frank with a £16m price tag after a three year struggle to gain planning permission to convert the 18th century building into a 115-room luxury hotel.

Although planning permission has now finally been granted, Elite has decided to call a day on the project. Managing director Graeme Bateman felt that enthusiasm for the project had gone and has decided that Elite will focus on its other investments.

In a statement, Bateman said that Luton Hoo remains an excellent investment for developers: Luton Hoo sells itself. It is a landmark estate familiar to many, and its potential for conversion to a hotel of the highest quality is without question.