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Hilton sells 15 hotels in £382m deal
Hilton has sold 15 UK hotels for almost £400 million and announced plans to offload a further 22, including the Hilton London Metropole and Hilton Birmingham Metropole
The properties have been sold to The Managed Hotels Unit Trust with Hilton in advanced talks to sell a 16th hotel, the Hilton at Edinburgh Airport, to the same buyer.
Proceeds from the sale will initially help pay down debt.
Under the terms of the deal, all will continue to be branded Hilton for at least 30 years. The managed contracts are expected to generate annual income of £5.4 million for Hilton.
The hotels have a 2005 EBIT of £27.7 million and a book value of £341.4 million.
The group said that following a “high level of market interest”, a further 22 properties, valued at £400 million, will be placed on the market – with the two Metropole properties among them.
The 15 properties sold are the Aberdeen Treetops, Basingstoke, Bristol, Bromsgrove, Coventry, Dartford Bridge, Dunkeld House, Gatwick Airport, London Olympia, Newbury Centre, Newbury North, Newport, Southampton, Strathclyde and Swindon.
Report by Steve Jones
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