Starwood Hotels & Resorts is working alongside Kew Green to buy a portfolio of UK-based Hilton hotels for £135m.
The portfolio comprises eight hotels in the UK and Northern Ireland and was sold on behalf of Hilton Worldwide Holdings’ real estate REIT, Park Hotels and Resorts.
The trophy asset included in the sale is the 188-bedroom Hilton London Angel Islington, N1. Other Hiltons in the portfolio are in Blackpool, Belfast, Edinburgh, Coylumbridge, Bath, Milton Keynes and Sheffield.
Starwood and Kew Green are planning to refurbish the hotels and are expected to work with Hilton to retain the brand on the assets.
Park Hotels and Resorts REIT, formed as a separate real estate company in January 2017, has 69 hotels in its portfolio. Around 90% of the assets are in the US.
The decision to sell the UK properties forms part of the REIT’s strategy to focus on premium and luxury assets.
A source said: “This is a real vote of confidence in the UK market from Starwood, which continues to demonstrate that it can add value through operational expertise.”
Starwood has been in the process of selling swathes of hotels it bought during the downturn and is currently looking to cash in on its £1.2bn Principal Hayley and De Vere hotels.
CBRE acted for Park Hotels and Resorts.
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