Ault Alliance, a diversified holding company, has revealed plans to sell its four recently renovated hotels in the midwestern US for approximately $100m.

The four hotels are the Hilton Garden Inn, Residence Inn and Courtyard in Madison West and the Hilton Garden Inn in Rockford, Illinois.

Ault Global Real Estate Equities, the company’s wholly owned subsidiary, expects to sell the hotels through Hospitality Real Estate Counsellors, a national real estate brokerage corporation.

The company aims to pay off debt and invest in its main business with the money from hotel sales.

Ault Alliance executive chairman Milton "Todd" Ault III said: "We have decided to focus on our core cash-producing assets, which include our crane rental company, Circle 8 Crane Services, LLC, data centre operations through Sentinum and our California licensed lender, Ault Lending, LLC.

"Given the current macro environment, we believe these core assets are best suited to produce sustainable cash flow and long-term value for the company and its stockholders."

The sale follows the decision to also list the St Petersburg property.

It has completed renovations at all four properties in partnership with GF Hotels & Resorts, a hotel management company.

The Hilton Garden Inn properties in Middleton and Rockford now offer bikes as well as shower-only king rooms.

The improvements at the Hilton Garden Inn Rockford include upgraded smart TVs and electric vehicle charging stations.

Residence Inn received new kitchen appliances, furniture, paint, TVs and internet connectivity upgrades.

Additionally, the Courtyard's exterior and interior courtyards were remodelled to accommodate outdoor events during the summer.