Hilton Hotels Corporation has sold two of its UK hotels to the Tonstate Group for almost £420m.
The family-owned acquisitions vehicle managed by Dr. Edward Wojakovski has bought the 1,054-room Hilton London Metropole and the 794-room Hilton Birmingham Metropole on a sale and leaseback basis.
Both hotels, which will continue to be managed by Hilton on a long-term basis are due to exchange before the end of the year.
The move follows Hilton Hotel’s strategy to dispose of assets in favour of expanding their managed portfolio.
Activity from the hotel group is expected to continue following their recent announcement of their plans to evaluate the Scandic brand.
Hilton was advised by Christie & Co while Tonstate was advised by CBRE Hotels.
References: EGi News 19/10/06
