Royal Bank of Scotland is bringing the remaining assets from its Hilton hotel portfolio to the market for around £200m.
The portfolio comprises the 181-bedroom Hilton Warwick, the 334-bedroom Hilton Brighton Metropole, East Sussex, the 170-bedroom Hilton St Anne’s Manor in Bracknell, Surrey, the 319-bedroom Hilton Glasgow, the 96-bedroom Hilton Glasgow Grosvenor and the 821-bedroom Hilton Manchester Airport.
The marketing of the six properties follows RBS’s recent sale of the 146-bedroom Hilton Maidstone hotel in Kent, the 215-bedroom Hilton Bracknell in Berkshire and the 139-bedroom Hilton Avisford Park in Arundel, West Sussex, to a high-net-worth investor for £40m.
It also recently sold the 1,019-bedroom Cumberland hotel at Marble Arch, W1, to a joint venture between London & Regional and Starwood Capital for £215m.
A source close to the bank said: “The sales are part of RBS’s strategy to bring cash back onto its balance sheet.”
The hotels, excluding the Cumberland, formed part of an 11-strong portfolio that RBS bought from Hilton for £312m in early 2001. The properties were shifted into RBS’s “non-core” division, which manages loans and assets that the bank wants to run down or sell, in the wake of the credit crunch.
RBS is still in discussions to sell its flagship hotel, the 494-bedroom Grosvenor House on Park Lane, W1.
The property, expected to fetch in excess of £500m, is being eyed by Singaporean investor GIC with US-based REIT Host Hotels & Resorts and the Qatar Investment Authority.
CB Richard Ellis Hotels is advising RBS.
