Mon, 26 Sep 2011 | COMMERCIAL PROPERTY
The Royal Bank of Scotland has continued with its "non-core" asset disposal programme, with Glasgow's 20-storey Hilton hotel becoming the latest property to be offloaded.
The five-star Glasgow City Hilton - which dominates the skyline in the Anderson section of the city - was sold for £35.7 million to the property firm, the Topland Group. The sale of the 300-bedroom hotel comes just weeks after the company sold another of the city's Hiltons, the Hilton Grosvenor, for some £10 million.
The two hotels were part of the portfolio that had originally been bought up by the struggling bank in 2001, in a sale-and-leaseback deal worth some £312 million.
The sale of the two properties is part of the broad strategic recovery plan being worked through by the company, spearheaded by chief executive, Stephen Hester. Since 2009, the company has been able to reduce its portfolio of non-core assets by £145 billion.
Clive Bush, the managing director of operations at Topland, said, "The property offers a long-term secure income stream and is typical of the type of investments which we are seeking."
The City Hilton has hosted some of the highest profile visitors in the city, due to its prestigious position. Former US President, Bill Clinton has stayed there, as well as boxer, Mike Tyson, who booked up 150 rooms there in 2000 in the run up to a nearby prize fight.
This excellent business has been established since 1976 and is a leading industry supplier of industrial cleaning materials, paper products and vacuum cleaners. Operating from a custom built trade counter and showrooms this business has a broad and e...
LEASEHOLD
Stylish café bistro and restaurant for sale, serving a variety of food at affordable prices, from locally sourced ingredients. The property which dates back to 1800 was bought as a derelict pub in 2011 and 18 months later was transformed into an upma...
FREEHOLD
Plant based whole-foods and environmentally conscious general store, with a mission to bring the best in wholesome and nutritious food, drink, healthcare and household essentials from planet saving suppliers. They also cater for a range of diverse li...
LEASEHOLD
06
|
Dec
|
Property consultancy undergoes PE-backed MBO | MBO/MBI
Property consultancy Cluttons has undergone a management buy...
05
|
Dec
|
Baking ingredients firm acquired out of administration | BUSINESS SALE
JF Renshaw, a manufacturer of food ingredients, has been sol...
05
|
Dec
|
Children’s clothing retailer falls into administration | ADMINISTRATION
Designer Childrenswear Limited, a retailer of designer child...
23
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
05
|
Aug
|
Tech-enabled lockers firm Bybox undertakes an MBO | MBO/MBI
ByBox, the Oxfordshire business behind a network of unmanned...
18
|
Mar
|
Leeds hotel developer enters administration | ADMINISTRATION
A hotel developer that was creating a landmark £32 mil...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.