Tue, 24 May 2016 | DIVISION SALE
Iranian property tycoon Vincent Tchenguiz is to individually sell off 10 of the Hilton hotels he owns across the UK, reports The Times.
Mr Tchenguiz originally acquired the hotels from the Hilton Group back in 2002. The £335.7 million deal saw Hilton retain a 40 per cent stake in the hotels, which were leased back to the hotel group, but later sold the rest of its interest to Mr Tchenguiz in 2006. He now owns the hotels outright.
Nevertheless, the Hilton group still retains operational control of the hotels until 2029 under the terms of its deal with Mr Tchenguiz. So, any new buyers will need to collect rent from the Hilton Worldwide company.
The largest of the hotels being sold off is the 603-bedroom Kensington Hilton in West London. It is thought that the asking price will be as much as £300 million. Another £300 million will come from the sale of the other nine hotels: Cobham, Croydon, East Midlands Airport, Leeds, Northampton, Nottingham, Tewkesbury, Watford and York.
The total number of bedrooms on offer throughout the 10-property portfolio is 2,400. Against all 10 hotels is debt amounting to around £250 million.
For more information, find hotels for sale in the UK.
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
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