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Hilton sells two UK hotels for £417m – 19 Oct 2006

HILTON Hotels Corporation has sold two of its UK hotels for £417 million.

The 1,054 room Hilton London Metropole and the 794 room Hilton Birmingham Metrople have been sold to Tonstate.

The deal, which included a clause for Tonstate to continue with the renovation plans at both properties, should go through before the end of the year.

Hilton will retain the long-term management contracts of both hotels.

Hilton Hotels chief financial officer Robert Forgia revealed the sales of the two hotels takes the money generated from its asset sale programme to more than $2 billion.

The money generated from the sale of the two hotels will be used to reduce the company’s debt.

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