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.
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