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.
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
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.