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.
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