Cola Holdings has acquired the Hilton London Kensington hotel for £260m following the administration of Vincent Tchenguiz's hotel business.
The 603-bedroom hotel was the largest of 10 put on the market after the property developer's Zinc Hotels business entered administration. The remaining nine Hilton properties are understood to still be on the market.
Tchenguiz bought the hotels in 2002 for £335.7m and leased them back to Hilton, which initially retained a 40% stake in the properties. In 2006, Hilton sold Tchenguiz the rest of the interest under an agreement that would see the operator lease them until 2029.
Azad Cola, managing director of Cola Holdings, said: "With year on year occupancy growth forecasted across greater London, complimented by our brand's strategic expansion agenda, we are tremendously proud of this, our latest acquisition, that of the renowned Kensington Hilton hotel.
"This acquisition is in lock-step with our brand's core strategy, doubling the number hotel rooms that we own in central London; we plan to continue on this course and accordingly, I look forward to future, exciting and ongoing developments within our family business as it expands in reach and scope in the years to come."
Cola Holdings' UK hotel portfolio also includes the 225-bedroom, five-AA-starred Westbury hotel in Mayfair and the 706-bedroom Holiday Inn London Kensington High.