Smoke travelled to the second, third, fourth and fifth floors
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Five petrol bombs have been thrown at a hotel close to the loyalist Sandy Row area in Belfast.
It happened at about 0400 BST on Wednesday at the Days Hotel in Hope Street.
About 150 guests were evacuated, but the police said no-one was injured in the incident.
Damage was caused to the front and side of the hotel. Its owner, Lord Rana, said he did not believe loyalist paramilitaries were behind the attack.
The police said a motive for the attack had not yet been established.
One of the hotel guests said: "The fire alarm went off about 4.30 or thereabouts. I came out, it seemed quite orderly, a credit to the hotel people. They seemed to have everything in order."
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We could deal with the situation - we could reconsider our future plans and if we really want to invest in that area or not
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Station Officer Harry Dawson of the Fire Service said it was a very serious situation.
"There were five petrol bombs in total thrown at Days Hotel, directed to the back of the hotel, convenient to the oil tank and basement area," he said.
"The fire itself was confined to a basement wall cavity, but the problem there was subsequently smoke travelled to the second, third, fourth and fifth floors.
"It was quite traumatic for the guests whenever it became apparent that it was a petrol bomb attack."
He said one of the petrol bombs was directed at a fire exit door.
Lord Rana said it could have been serious for the guests, but the damage had been relatively minor.
"It is more annoying than worrying - the security situation needs to be dealt with by the PSNI," he said.
"In Sandy Row we are the only company who have made a major investment, who have helped to regenerate the area and have created more employment in that area."
Petrol bombs were thrown close to an oil tank
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The company had more schemes for major investments in Sandy Row, said Lord Rana.
"It is more a community issue. Community leaders and people living in the area - they need to look at the whole situation and deal with it," he said.
"We could deal with the situation - we could reconsider our future plans and if we really want to invest in that area or not."