The properties have been acquired by Dr Edward Wojakovski's family-owned Tonstate.
The Hilton London Metropole has 1,054 bedrooms and the Hilton Birmingham Metropole hotel 794.
Hilton will retain long-term management contracts on both hotels and Tonstate will continue to fund the renovation programmes currently being undertaken at both properties.
Hilton plans to put further properties on the market and is also "evaluating alternatives" for its northern European Scandic brand.
Hilton, which was advised by Christie & Co and SJ Berwin, will use the proceeds from the sale of these hotels to pay down debt.
Tonstate was advised by CBRE Hotels and DLA Piper.
By Chris Druce