Cash-hungry Hilton puts 18 hotels on sale

07 July 2005
Cash-hungry Hilton puts 18 hotels on sale

The Hilton Group has put a further 18 hotels in the UK and Ireland on the market in a bid to raise over £300m in capital.

Hilton will keep the management contracts for the properties, which include hotels at London's Olympia, Gatwick, Belfast, Bristol and Edinburgh airport.

Hilton's disposals are expected to fetch between £300m and £400m, with a large proportion of the proceeds returned to shareholders. Property agent CB Richard Ellis Hotels will handle the sale.

The announcement follows the recent sale of 11 Hilton hotels in the UK for £111m to Starwood Capital, the property arm of Barry Sternlicht, which also owns Starwood Hotels. Seven of these have completed.

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